<SEC-DOCUMENT>0001104659-25-023523.txt : 20250313
<SEC-HEADER>0001104659-25-023523.hdr.sgml : 20250313
<ACCEPTANCE-DATETIME>20250313171601
ACCESSION NUMBER:		0001104659-25-023523
CONFORMED SUBMISSION TYPE:	253G2
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250313
DATE AS OF CHANGE:		20250313

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CaliberCos Inc.
		CENTRAL INDEX KEY:			0001627282
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE [6500]
		ORGANIZATION NAME:           	05 Real Estate & Construction
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		253G2
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	024-12540
		FILM NUMBER:		25736845

	BUSINESS ADDRESS:	
		STREET 1:		8901 E. MOUNTAIN VIEW RD.
		STREET 2:		SUITE 150
		CITY:			SCOTTSDALE
		STATE:			AZ
		ZIP:			85258
		BUSINESS PHONE:		480-295-7600

	MAIL ADDRESS:	
		STREET 1:		8901 E. MOUNTAIN VIEW RD.
		STREET 2:		SUITE 150
		CITY:			SCOTTSDALE
		STATE:			AZ
		ZIP:			85258

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CaliberCo Inc.
		DATE OF NAME CHANGE:	20141205
</SEC-HEADER>
<DOCUMENT>
<TYPE>253G2
<SEQUENCE>1
<FILENAME>tm2430159d4_253g2.htm
<DESCRIPTION>253G2
<TEXT>
<html>
<head>
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<body style="font: 10pt Times New Roman, Times, Serif">

<p style="margin: 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><b>Filed Pursuant to Rule 253(g)(2)<br>
File No. 024-12540</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>OFFERING CIRCULAR</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Dated March 13, 2025</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>CaliberCos Inc.&nbsp;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>8901 E. Mountain View Rd. Ste. 150&nbsp;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Scottsdale, AZ 85258&nbsp;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(480)
295-7600</b></font>;&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: blue"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><u>www.calibercos.com</u></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>UP TO 800,000 SHARES OF&nbsp;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>SERIES AA CUMULATIVE REDEEMABLE PREFERRED STOCK</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">CaliberCos Inc. (which we refer to as &ldquo;we,&rdquo;
 &ldquo;us,&rdquo; &ldquo;our&rdquo;, &ldquo;Caliber&rdquo; or &ldquo;our company&rdquo;) is offering up to 800,000 shares of Series&nbsp;AA
Cumulative Redeemable Preferred Stock, which we refer to as the Series&nbsp;AA Preferred Stock, at an offering price of $25.00 per share,
for a maximum offering amount of $20,000,000.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Series&nbsp;AA Preferred Stock being offered
will rank, as to dividend rights and rights upon our liquidation, dissolution, or winding up, senior to our Common Stock and <i>pari
passu</i> with our Series&nbsp;A Preferred Stock. Each share of Series&nbsp;AA Preferred Stock will have an initial stated value equal
to $25.00, subject to appropriate adjustment for certain events. Holders of our Series&nbsp;AA Preferred Stock will be entitled to receive
cumulative monthly cash dividends at a per annum rate of 9.5% of the stated value (or $0.198 per share each month based on the initial
stated value). Upon a liquidation, dissolution or winding up of our company, holders of shares of our Series&nbsp;AA Preferred Stock
will be entitled to receive, before any payment or distribution is made to the holders of our Common Stock, a liquidation preference
equal to the stated value per share, plus accrued but unpaid dividends thereon. Shares of Series&nbsp;AA Preferred Stock will be redeemable
by us or by the holders under certain circumstances described elsewhere in this offering circular. The Series&nbsp;AA Preferred Stock
will have no voting rights (except for certain matters). At&nbsp;the third anniversary of the issuance date of a share of Series&nbsp;AA
Preferred Stock, a holder may elect, with the prior written consent of the Company, which consent may be unreasonably withheld, to convert
all or any portion of such then outstanding shares of Series&nbsp;AA Preferred Stock held by it into that number of shares of our Class&nbsp;A
Common Stock determined by dividing the then Stated Value of such shares by the closing price of our Class A Common Stock as quoted on
the Nasdaq Capital Market (the &ldquo;NCM&rdquo;) on the day prior to such date but in no event less than the closing price of our Class
A Common Stock as quoted on the NCM on the day prior to the initial Closing Date. See &ldquo;<i>Description of Securities</i>&rdquo;
beginning on page&nbsp;93 for additional details.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There is no existing public trading market for
the Series&nbsp;AA Preferred Stock, and we do not anticipate that a secondary market for the stock will develop. We do not intend to
apply for listing of the Series&nbsp;AA Preferred Stock on any securities exchange or for quotation in any automated dealer quotation
system or other over-the-counter market. Our Common Stock is quoted on the Nasdaq Capital Market under the symbol &ldquo;CWD.&rdquo;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This offering will begin as soon as practicable
after this offering circular has been qualified by the United States Securities and Exchange Commission (the &ldquo;SEC&rdquo; or the
 &ldquo;Commission&rdquo;).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Investing in our securities is highly speculative
and involves a high degree of risk. You should carefully consider the information set forth in the &ldquo;<i>Risk Factors</i>&rdquo;
section beginning on page&nbsp;14 before deciding to invest in our securities.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: center; font-size: 10pt; padding-bottom: 1pt">&nbsp;</td><td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Per
                                            Share</b></font></td><td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center; padding-bottom: 1pt; padding-left: 2.65pt">Maximum
    Offering</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 45%">Public offering price</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 26%; text-align: right">25.00</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%">$</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 25%; text-align: right; padding-left: 2.65pt">20,000,000</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Selling
    commissions and reallowance fee<sup>(1)(3)</sup></font></td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1.50</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td>$</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-left: 2.65pt">1,200,000</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Managing
    dealer fee and wholesaling fee <sup>(2)(3)</sup></font></td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">0.50</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td>$</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-left: 2.65pt">400,000</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Proceeds
    to us, before expenses </font></td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">23.00</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td>$</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-left: 2.65pt">18,400,000</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 4%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</font></td>
    <td style="width: 96%; padding-right: 2.65pt; padding-left: 2.65pt; text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This
                                            includes (a) selling commissions of up to 5.00% of gross offering proceeds and (b) a reallowance
                                            fee of up to 1.00% of gross offering proceeds. The selling commissions and reallowance fee
                                            are payable to the participating broker dealers and may be waived in such participating broker
                                            dealer&rsquo;s sole discretion.</p>
<font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></font></td></tr>
  <tr style="vertical-align: top">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</font></td>
    <td style="padding-right: 2.65pt; padding-left: 2.65pt; text-align: justify"><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">This
                                            includes (a) a wholesaling fee of 1.00% of gross offering proceeds and (b) a managing dealer
                                            fee of 1.00% of gross offering proceeds. The wholesaling fee is payable to the managing dealer
                                            and the managing dealer may reallow all or a portion of such wholesaling fee to a participating
                                            broker dealer in its sole discretion.</p></td></tr>
  <tr style="vertical-align: top">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</font></td>
    <td style="padding-right: 2.65pt; padding-left: 2.65pt; text-align: justify">The combined selling commissions and managing dealer
    fees for this offering will not exceed 8.00% of the aggregate gross proceeds of this offering.</td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
managing dealer of this offering is ARKap Markets, LLC. </font>The managing dealer is not required to sell any specific number or dollar
amount of shares but will use its &ldquo;reasonable best efforts&rdquo; to sell the shares offered. The minimum permitted purchase is
generally $5,000 but purchases of less than $5,000 may be made at the discretion of the managing dealer.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This offering is being conducted pursuant to
Regulation A of Section&nbsp;3(6)&nbsp;of the Securities Act of 1933, as amended, or the Securities Act, for Tier 2 offerings. This offering
will terminate at the earlier of: (1)&nbsp;the date at which the maximum amount of offered Series&nbsp;AA Preferred Stock has been sold,
(2)&nbsp;the date which is one year after the offering statement of which this offering circular forms a part is originally qualified
by the U.S. Securities and Exchange Commission, or the SEC, subject to an extension of up to an additional one year at the discretion
of our company and the managing dealer, or (3)&nbsp;the date on which this offering is earlier terminated by us in our sole discretion.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Generally, no sale may be made to you in this
offering if the aggregate purchase price you pay is more than 10% of the greater of your annual income or your net worth. Different rules&nbsp;apply
to accredited investors and non-natural persons. Before making any representation that your investment does not exceed applicable thresholds,
we encourage you to review Rule&nbsp;251(d)(2)(i)(C)&nbsp;of Regulation A. For general information on investing, we encourage you to
refer to www.investor.gov.</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>THE UNITED STATES SECURITIES AND EXCHANGE
COMMISSION DOES NOT PASS UPON THE MERITS OR GIVE ITS APPROVAL OF ANY SECURITIES OFFERED OR THE TERMS OF THE OFFERING, NOR DOES IT PASS
UPON THE ACCURACY OR COMPLETENESS OF ANY OFFERING CIRCULAR OR OTHER SOLICITATION MATERIALS. THESE SECURITIES ARE OFFERED PURSUANT TO
AN EXEMPTION FROM REGISTRATION WITH THE COMMISSION; HOWEVER, THE COMMISSION HAS NOT MADE AN INDEPENDENT DETERMINATION THAT THE SECURITIES
OFFERED ARE EXEMPT FROM REGISTRATION.</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are an &ldquo;emerging growth company&rdquo;
as defined in the Jumpstart Our Business Startups Act of 2012 and have elected not to comply with certain reduced public company reporting
requirements. In addition, as a &ldquo;smaller reporting company&rdquo; within the meaning of Rule&nbsp;405, we are following the Form&nbsp;S-1
disclosure requirements for smaller reporting companies. This offering circular follows the disclosure format of Part&nbsp;I of Form&nbsp;S-1
pursuant to the general instructions of Part&nbsp;II(a)(1)(ii)&nbsp;of Form&nbsp;1-A.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ARKap Markets, LLC,&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">as Managing Dealer</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>The
approximate date of commencement of proposed sale to the public is March 12, 2025.</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&nbsp;</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This offering circular and the documents included
herein contain, in addition to historical information, certain &ldquo;forward-looking statements&rdquo; within the meaning of Section&nbsp;27A
of the Securities Act and Section&nbsp;21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act, that include information
relating to future events, future financial performance, strategies, expectations, competitive environment, regulation and availability
of resources. These forward-looking statements include, without limitation: statements concerning projections, predictions, expectations,
estimates or forecasts for our business, financial and operating results and future economic performance; statements of management&rsquo;s
goals and objectives; trends affecting our financial condition, results of operations or future prospects; statements regarding our financing
plans or growth strategies; statements concerning litigation or other matters; and other similar expressions concerning matters that
are not historical facts. Words such as &ldquo;may,&rdquo; &ldquo;will,&rdquo; &ldquo;should,&rdquo; &ldquo;could,&rdquo; &ldquo;would,&rdquo;
 &ldquo;predicts,&rdquo; &ldquo;potential,&rdquo; &ldquo;continue,&rdquo; &ldquo;expects,&rdquo; &ldquo;anticipates,&rdquo; &ldquo;future,&rdquo;
 &ldquo;intends,&rdquo; &ldquo;plans,&rdquo; &ldquo;believes&rdquo; and &ldquo;estimates,&rdquo; and similar expressions, as well as statements
in future tense, identify forward-looking statements.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Forward-looking statements should not be read
as a guarantee of future performance or results and will not necessarily be accurate indications of the times, or by which, that performance
or those results will be achieved. Forward-looking statements are based on information available at the time they are made and/or management&rsquo;s
good faith beliefs as of that time with respect to future events and are subject to risks and uncertainties that could cause actual performance
or results to differ materially from those expressed in or suggested by the forward-looking statements. Important factors that could
cause these differences include, but are not limited to:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="text-align: justify">estimates
                                            of our expenses, future revenues, capital requirements and our needs for additional financing;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="text-align: justify">our
                                            estimates of the size of our market opportunities;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="text-align: justify">our
                                            ability to effectively manage our growth;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="text-align: justify">our
                                            ability to successfully enter new markets, manage our growth expansion and comply with any
                                            applicable laws and regulations;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="text-align: justify">the
                                            effects of increased competition from our market competitors;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="text-align: justify">significant
                                            disruption in, or breach in security of, our information technology systems and resultant
                                            interruptions in service and any related impact on our reputation;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="text-align: justify">the
                                            attraction and retention of qualified employees and key personnel;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="text-align: justify">the
                                            effectiveness of our internal controls;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="text-align: justify">changes
                                            in laws and government regulation affecting our business;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="text-align: justify">the
                                            impact of adverse economic conditions;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="text-align: justify">the
                                            sufficiency of our cash and cash equivalents to meet our liquidity needs and service our
                                            indebtedness;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="text-align: justify">outcomes
                                            of legal or administrative proceedings; and</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="text-align: justify">those
                                            risks and uncertainties referenced under the caption &ldquo;<i>Risk Factors</i>&rdquo; contained
                                            in this offering circular.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Potential investors should not place undue reliance
on any forward-looking statements. Except as expressly required by the federal securities laws, there is no undertaking to publicly update
or revise any forward-looking statements, whether as a result of new information, future events, changed circumstances or any other reason.
Potential investors should not make an investment decision based solely on our company&rsquo;s projections, estimates or expectations.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The specific discussions herein about our company
include financial projections and future estimates and expectations about our company&rsquo;s business. The projections, estimates and
expectations are presented in this offering circular only as a guide about future possibilities and do not represent actual amounts or
assured events. All the projections and estimates are based exclusively on our company management&rsquo;s own assessment of its business,
the industry in which it works and the economy at large and other operational factors, including capital resources and liquidity, financial
condition, fulfillment of contracts and opportunities. The actual results may differ significantly from the projections.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>TABLE OF CONTENTS</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr>
    <td style="width: 92%">&nbsp;</td>
    <td style="width: 8%; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><u>Page</u></b></font></td></tr>
  <tr style="background-color: #CFF0FC">
    <td style="padding-right: 2.65pt"><a href="#a1"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SUMMARY</font></a></td>
    <td style="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><a href="#a1"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</font></a></td></tr>
  <tr style="background-color: white">
    <td style="padding-right: 2.65pt"><a href="#a2"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">THE OFFERING</font></a></td>
    <td style="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><a href="#a2">8</a></td></tr>
  <tr style="background-color: #CFF0FC">
    <td style="padding-right: 2.65pt"><a href="#a3"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SUMMARY
    OF FINANCIAL DATA</font></a></td>
    <td style="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><a href="#a3"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</font></a></td></tr>
  <tr style="background-color: white">
    <td style="padding-right: 2.65pt"><a href="#a4"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">RISK FACTORS</font></a></td>
    <td style="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><a href="#a4"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</font></a></td></tr>
  <tr style="background-color: #CFF0FC">
    <td style="padding-right: 2.65pt"><a href="#a5"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">USE OF
    PROCEEDS</font></a></td>
    <td style="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><a href="#a5"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">36</font></a></td></tr>
  <tr style="background-color: white">
    <td style="padding-right: 2.65pt"><a href="#a6"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">DETERMINING
    OF OFFERING PRICE</font></a></td>
    <td style="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><a href="#a6"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40</font></a></td></tr>
  <tr style="background-color: #CFF0FC">
    <td style="padding-right: 2.65pt"><a href="#a7"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">DIVIDEND
    POLICY</font></a></td>
    <td style="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><a href="#a7">40</a></td></tr>
  <tr style="background-color: white">
    <td style="padding-right: 2.65pt"><a href="#a8"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">MARKET
    FOR COMMON EQUITY AND RELATED STOCKHOLDER MATTERS</font></a></td>
    <td style="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><a href="#a8"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">41</font></a></td></tr>
  <tr style="background-color: #CFF0FC">
    <td style="padding-right: 2.65pt"><a href="#a9"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">MANAGEMENT'S
    DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</font></a></td>
    <td style="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><a href="#a9"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">42</font></a></td></tr>
  <tr style="background-color: white">
    <td style="padding-right: 2.65pt"><a href="#sp10-001"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">BUSINESS</font></a></td>
    <td style="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><a href="#sp10-001"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">73</font></a></td></tr>
  <tr style="background-color: #CFF0FC">
    <td style="padding-right: 2.65pt"><a href="#sp10-002"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">MANAGEMENT</font></a></td>
    <td style="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><a href="#sp10-002"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">78</font></a></td></tr>
  <tr style="background-color: white">
    <td style="padding-right: 2.65pt"><a href="#sp10-003"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECURITY
    OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT</font></a></td>
    <td style="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><a href="#sp10-003"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">86</font></a></td></tr>
  <tr style="background-color: #CFF0FC">
    <td style="padding-right: 2.65pt"><a href="#sp10-004"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">TRANSACTIONS
    WITH RELATED PERSONS</font></a></td>
    <td style="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><a href="#sp10-004"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">88</font></a></td></tr>
  <tr style="background-color: white">
    <td style="padding-right: 2.65pt"><a href="#sp10-005"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">DESCRIPTION
    OF SECURITIES</font></a></td>
    <td style="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><a href="#sp10-005"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">93</font></a></td></tr>
  <tr style="background-color: #CFF0FC">
    <td style="padding-right: 2.65pt"><a href="#sp10-006"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PLAN
    OF DISTRIBUTION</font></a></td>
    <td style="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><a href="#sp10-006"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">103</font></a></td></tr>
  <tr style="background-color: white">
    <td style="padding-right: 2.65pt"><a href="#sp10-007"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">LEGAL
    MATTERS</font></a></td>
    <td style="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><a href="#sp10-007"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">110</font></a></td></tr>
  <tr style="background-color: #CFF0FC">
    <td style="padding-right: 2.65pt"><a href="#sp10-008"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EXPERTS</font></a></td>
    <td style="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><a href="#sp10-008"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">110</font></a></td></tr>
  <tr style="background-color: white">
    <td style="padding-right: 2.65pt"><a href="#sp10-009"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHERE
    YOU CAN FIND MORE INFORMATION</font></a></td>
    <td style="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><a href="#sp10-009"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">110</font></a></td></tr>
  <tr style="background-color: #CFF0FC">
    <td style="padding-right: 2.65pt"><a href="#sp10-010"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">INDEX
    TO CONSOLIDATED FINANCIAL STATEMENTS</font></a></td>
    <td style="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><a href="#sp10-010"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-1</font></a></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Please read this offering circular carefully.
It describes our business, our financial condition and results of operations. We have prepared this offering circular so that you will
have the information necessary to make an informed investment decision.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">You should rely only on the information contained
in this offering circular. We have not, and the managing dealer has not, authorized anyone to provide you with any information other
than that contained in this offering circular. We are offering to sell, and seeking offers to buy, the securities covered hereby only
in jurisdictions where offers and sales are permitted. The information in this offering circular is accurate only as of the date of this
offering circular, regardless of the time of delivery of this offering circular or any sale of the securities covered hereby. Our business,
financial condition, results of operations and prospects may have changed since that date. We are not, and the managing dealer is not,
making an offer of these securities in any jurisdiction where the offer is not permitted.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For investors outside the United States: We have
not, and the managing dealer has not, taken any action that would permit this offering or possession or distribution of this offering
circular in any jurisdiction where action for that purpose is required, other than in the United States. Persons outside the United States
who come into possession of this offering circular must inform themselves about, and observe any restrictions relating to, the offering
of the securities covered hereby or the distribution of this offering circular outside the United States.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This offering circular includes statistical and
other industry and market data that we obtained from industry publications and research, surveys and studies conducted by third parties.
Industry publications and third-party research, surveys and studies generally indicate that their information has been obtained from
sources believed to be reliable, although they do not guarantee the accuracy or completeness of such information. We believe that the
data obtained from these industry publications and third-party research, surveys and studies are reliable.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>WE HAVE NOT AUTHORIZED ANY DEALER, SALESPERSON
OR OTHER PERSON TO GIVE ANY INFORMATION OR REPRESENT ANYTHING NOT CONTAINED IN THIS OFFERING CIRCULAR. YOU SHOULD NOT RELY ON ANY UNAUTHORIZED
INFORMATION. THIS OFFERING CIRCULAR IS NOT AN OFFER TO SELL OR BUY ANY SECURITIES IN ANY STATE OR OTHER JURISDICTION IN WHICH IT IS UNLAWFUL.
THE INFORMATION IN THIS OFFERING CIRCULAR IS CURRENT AS OF THE DATE ON THE COVER. YOU SHOULD RELY ONLY ON THE INFORMATION CONTAINED IN
THIS OFFERING CIRCULAR.</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><a name="a1"></a>SUMMARY</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>This summary highlights
selected information contained elsewhere in this offering circular. This summary is not complete and does not contain all the information
that you should consider before deciding whether to invest in our securities. You should carefully read the entire offering circular,
including the risks associated with an investment in our company discussed in the &ldquo;Risk Factors&rdquo; section of this offering
circular, before making an investment decision.</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>OUR COMPANY</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>General</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Over the past 15 years,
Caliber has grown into a leading diversified alternative asset management firm, managing more than $2.9 billion in assets under management
(&ldquo;AUM&rdquo;) and assets under development (&ldquo;AUD&rdquo;). Caliber&rsquo;s primary goal is to enhance the wealth of accredited
investors seeking to make investments in middle-market assets. We strive to build wealth for our clients by creating, managing, and servicing
middle-market investment funds, private syndications, and direct investments. Through our funds, we invest primarily in real estate,
private equity, and debt facilities. We market and fundraise to private investors, family offices, and institutions (&ldquo;Direct Channel&rdquo;)
and to registered investment advisers and independent broker-dealers (&ldquo;Wholesale Channel&rdquo;).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We believe that we provide
investors attractive risk-adjusted returns by offering a balance of (i)&nbsp;structured offerings and ease of ownership, (ii)&nbsp;a
pipeline of investment opportunities, primarily projects that range in value between $5.0 million and $50.0 million, and (iii)&nbsp;an
integrated execution and processing platform. Our investment strategy leverages the local market intelligence and real-time data we gain
from our operations to evaluate current investments, generate proprietary transaction flow, and implement various asset management strategies.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">As an alternative asset
manager, we offer a full suite of support services and employ a vertically integrated approach to investment management. Our asset management
activities are complemented with transaction and advisory services, including development and construction management, acquisition and
disposition expertise, and fund formation, which we believe differentiate us from other asset management firms. We earn the following
fees from providing these services under our asset management platform (the &ldquo;Platform&rdquo;):</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 36pt"></td><td style="width: 27pt"><font style="font-family: Symbol">&middot;</font></td><td style="text-align: justify">Fund
                                            set-up fees are a one-time fee for the initial formation, administration, and set-up of the
                                            private equity real estate fund. These fees are recognized at the point in time when the
                                            performance under the contract is complete.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 36pt"></td><td style="width: 27pt"><font style="font-family: Symbol">&middot;</font></td><td style="text-align: justify">Fund
                                            management fees are generally based on 1.0% to 1.5% of the unreturned capital contributions
                                            in a particular fund and include reimbursement for costs incurred on behalf of the fund,
                                            including an allocation of certain overhead costs. These customer contracts require the Company
                                            to provide management services, representing a performance obligation that the Company satisfies
                                            over time. With respect to the Caliber Hospitality Trust, the Company earns a fund management
                                            fee of 0.7% of the Caliber Hospitality Trust&rsquo;s enterprise value and is reimbursed for
                                            certain costs incurred on behalf of the Caliber Hospitality Trust.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 36pt"></td><td style="width: 27pt"><font style="font-family: Symbol">&middot;</font></td><td style="text-align: justify">Financing
                                            fees are earned for services the Company performs in securing third-party financing on behalf
                                            of our private equity real estate funds. These fees are recognized at the point in time when
                                            the performance under the contract is complete, which is essentially upon closing of a loan.
                                            In addition, the Company earns fees for guaranteeing certain loans, representing a performance
                                            obligation that the Company satisfies over time.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 36pt"></td><td style="width: 27pt"><font style="font-family: Symbol">&middot;</font></td><td style="text-align: justify">Real
                                            estate development revenues are generally based on 4.0% of the total expected costs of the
                                            development or 4.0% of the total expected costs of the construction project for services
                                            performed as the principal developer, which include managing and supervising third party
                                            developers and general contractors with respect to the development of the properties owned
                                            by the funds. Prior to the commencement of construction, development fee revenue is recognized
                                            at a point in time as the related performance obligations are satisfied and the customer
                                            obtains control of the promised service, including negotiation, due diligence, entitlements,
                                            planning, and design activities. During the construction period, development fee revenue
                                            is recognized over time as the performance obligations are satisfied.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 36pt"></td><td style="width: 27pt"><font style="font-family: Symbol">&middot;</font></td><td style="text-align: justify">Brokerage
                                            fees are earned at a point in time at fixed rates for services performed related to acquisitions,
                                            dispositions, leasing, and financing transaction.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 36pt"></td><td style="width: 27pt"><font style="font-family: Symbol">&middot;</font></td><td style="text-align: justify">Performance
                                            allocations are an arrangement in which we are entitled to an allocation of investment returns,
                                            generated within the investment funds which we manage, based on a contractual formula. We
                                            typically receive 15.0% to 35.0% of all cash distributions from (i)&nbsp;the operating cash
                                            flow of each fund, after payment to the related fund investors of any accumulated and unpaid
                                            priority preferred returns and repayment of preferred capital contributions; and (ii)&nbsp;the
                                            cash flow resulting from the sale or refinance of any real estate assets held by each fund,
                                            after payment to the related fund investors of any accumulated and unpaid priority preferred
                                            returns and repayment of initial preferred capital contributions. Our funds&rsquo; preferred
                                            returns range from 6.0% to 12.0%, typically 6.0% for common equity or 10.0% to 12.0% for
                                            preferred equity, which does not participate in profits. Performance allocations are related
                                            to services which have been provided and are recognized when it is determined that they are
                                            no longer probable of significant reversal, which is generally satisfied when an underlying
                                            fund investment is realized or sold.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We have a number of development,
redevelopment, construction, and entitlement projects that are underway or are in the planning stages, which we define as AUD. This category
includes projects to be built on undeveloped land and projects to be built and constructed on undeveloped lands, which are not yet owned
by our funds. Completing these development activities may ultimately result in income-producing assets, assets we may sell to third parties,
or both. As of September&nbsp;30, 2024, we are involved in the development of 1,796 multifamily units, 697 single family units, 3.7 million
square feet of commercial and industrial, and 3.5 million square feet of office and retail. If all of these projects are brought to completion,
the total cost capitalized to these projects, which represents total current estimated costs to complete the development and construction
of such projects by us or a third party, is $2.1 billion, which we expect would be funded through a combination of undeployed fund cash,
third-party equity, project sales, tax credit financing and similar incentives, and secured debt financing. We are under no obligation
to complete these projects and may dispose of any such assets at any time. There can be no assurance that AUD will ultimately be developed
or constructed because of the nature of the cost of the approval and development process and market demand for a particular use. In addition,
the mix of residential and commercial assets under development may change prior to final development. The development of these assets
will require significant additional financing or other sources of funding, which may not be available.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Recent Developments</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The accompanying consolidated
financial statements included within the offering circular are prepared in accordance with generally accepted accounting principles applicable
to a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">At September&nbsp;30, 2024,
the Company had a portfolio of corporate notes, whose composition and characteristics are similar to those reported in prior periods.
At September&nbsp;30, 2024, the portfolio consists of 211 unsecured notes with an aggregate principal balance of $33.0 million, of which
$32.4 million mature within the 12-month period subsequent to November&nbsp;13, 2024. Each note generally has a 12-month term with an
option to extend for an additional 12-months.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Because the Company incurred
operating losses and negative cash flow from operations for the nine months ended September&nbsp;30, 2024, and could experience additional
future operating losses and negative cash flow in the near term, combined with the fact that the Company does not have sufficient cash
on hand to satisfy the total of the notes that mature within the next 12 months, these conditions and events raise substantial doubt
about the Company&rsquo;s ability to continue as a going concern. In response to these conditions, management considered the impact of
these near-term maturities on the Company.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Since the note program began,
these notes have demonstrated a high rate of extension of their terms. Subsequent to the issuance of its 2023 Form&nbsp;10-K, the Company
has continued its discussions with various lenders in pursuit of extending or refinancing its unsecured loans. Through September&nbsp;30,
2024, the rate of extension of the current notes is consistent with or greater than reported in prior periods. Management plans to continue
seeking and granting extensions on an ongoing basis consistent with prior periods.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Additionally, management
evaluated the impact a default of one or many of these notes might have on the Company. As these notes are unsecured, the terms in the
agreements do not afford the note holder avenues of recourse in a default that could or would impact the Company adversely in the normal
course of business, as the terms lack provisions for rights or claims against the Company&rsquo;s assets, nor is there a scenario where
a default could force liquidation of the Company. Management believes that even in the event of default of one or many of these notes,
the Company would be able to negotiate a waiver of the default either through an extension of the maturity or principal repayment schedule.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, management has
implemented various plans to address operating losses and near-term maturities or demands for repayment of its notes. Consistent with
reported actions taken in prior fiscal periods, management plans to continue to i) negotiate extensions of such loans or refinance such
debt, ii) obtain new financing, iii) reduce operating costs, iv) collect all or part of its $13.3 million in receivables, v) collect
all or part of its $19.7 million in investments from its managed funds, vi) increase capital raise through continued expansion of fundraising
channels, vii) sell or accept investment into its corporate headquarters, viii) place debt on unencumbered assets, and/or ix) generate
planned cash from operations.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the execution of our aforementioned
plans, during the nine months ended September&nbsp;30, 2024, we collected $8.2 million of notes receivable and $2.7 million of accounts
receivable. The Company also executed a reduction in force of approximately 10% of its employees in May&nbsp;2024, with an expected annual
compensation and benefits expense savings of $4.0 million. The Company has also executed on cost reduction plans with estimated annual
savings of $2.5 million.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">After consideration of the
implemented and planned actions, in particular continuing to renew maturing unsecured corporate notes, there are no assurances that management&rsquo;s
actions will alleviate substantial doubt about the company&rsquo;s ability to continue as a going concern beyond one year from the date
that the consolidated financial statements are issued.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On November&nbsp;26, 2024,
the Company filed a Certificate of Designations, Preferences and Rights (the &ldquo;Series&nbsp;A Certificate of Designation&rdquo;)
with the Secretary of State of the State of Delaware to establish the preferences, voting powers, limitations as to dividends or other
distributions, qualifications, terms and conditions of redemption and other terms and conditions of the Company&rsquo;s Series&nbsp;A
Convertible Preferred Stock, par value $0.001 (the &ldquo;Series&nbsp;A Preferred Stock&rdquo;). The Series&nbsp;A Preferred Stock is
subject to certain rights, preferences, privileges, and obligations, including voluntary and mandatory conversion provisions, as well
as beneficial ownership restrictions and share cap limitations, as set forth in the Series&nbsp;A Certificate of Designation and as more
fully described under &ldquo;<i>Description of Securities</i>&rdquo; below. Additionally, on November&nbsp;26, 2024, the Company issued
and sold 100,000 shares of Series&nbsp;A Preferred Stock for gross proceeds of $2,000,000.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Our Risks and Challenges</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our prospects should be considered
in light of the risks, uncertainties, expenses and difficulties frequently encountered by similar companies. Our ability to realize our
business objectives and execute our strategies is subject to risks and uncertainties, including, among others, the following:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Risks Related to Our Business</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="text-align: justify">Our
                                            business depends in large part on our ability to raise capital for our funds from investors.
                                            If we were unable to raise such capital, we may be unable to grow our asset management revenues.
                                            The inability to deploy such capital into investments may materially reduce our revenues
                                            and cash flows and adversely affect our financial condition.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="text-align: justify">Changes
                                            in prevailing interest rates may reduce our profitability, and we may not be able to adequately
                                            anticipate and respond to changes in market interest rates.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="text-align: justify">Inflation
                                            can have an adverse impact on our business and on our customers.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="text-align: justify">Adverse
                                            developments affecting the financial services industry, such as actual events or concerns
                                            involving liquidity, defaults, or non-performance by financial institutions or transactional
                                            counterparties, could adversely affect our current and projected business operations and
                                            our financial condition and results of operations.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="text-align: justify">A
                                            decline in the pace of growth or size of investment made by our funds may adversely affect
                                            our revenues.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="text-align: justify">Our
                                            revenue, earnings, net income, and cash flows can all vary materially, which may make it
                                            difficult for us to achieve steady earnings growth on a quarterly basis and may cause the
                                            price of our Class&nbsp;A Common Stock to decline.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="text-align: justify">We
                                            could lose part or all of our investments, which could have a material adverse effect on
                                            our financial condition and results of operations.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="text-align: justify">We
                                            have an amount of total liabilities which may be considered significant for a company of
                                            our size which could adversely affect our financial condition and our ability to react to
                                            changes in our business.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="text-align: justify">We
                                            may not be able to generate sufficient cash to service all of our debt or refinance our obligations
                                            and may be forced to take other actions to satisfy our obligations under such indebtedness,
                                            which may not be successful.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="text-align: justify">The
                                            historical returns attributable to our funds should not be considered as indicative of the
                                            future results of our funds or of our future results or of any returns expected on an investment
                                            in our Class&nbsp;A Common Stock.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="text-align: justify">We
                                            may be subject to litigation risks and may face liabilities and damage to our professional
                                            reputation as a result of investment decisions on behalf of investors in our funds.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="text-align: justify">The
                                            actions of any joint venture partners that we may have could reduce the returns on joint
                                            venture investments.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="text-align: justify">Our
                                            reliance on third parties to operate and to develop certain of our properties may harm our
                                            business.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="text-align: justify">Changes
                                            in relevant tax laws, regulations, treaties, or an adverse interpretation of these items
                                            by tax authorities could adversely impact our effective tax rate and tax liability.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="text-align: justify">Conflicts
                                            of interest exist between our Company and related parties.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="text-align: justify">Risk
                                            management activities may adversely affect the return on our funds&rsquo; investments.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="text-align: justify">Our
                                            real estate funds are subject to the risks inherent in the ownership, development, and operation
                                            of real estate.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">&middot;</font></td><td style="text-align: justify">Investments
                                            by our investment funds may rank junior to investments made by others.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="text-align: justify">Rapid
                                            growth of our businesses may be difficult to sustain and may place significant demands on
                                            our administrative, operational, and financial resources.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="text-align: justify">We
                                            depend on our founders, senior professionals, and other key personnel, and our ability to
                                            retain them and attract additional qualified personnel is critical to our success and our
                                            growth prospects.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="text-align: justify">We
                                            may expand into new investment strategies, geographic markets and businesses, each of which
                                            may result in additional risks and uncertainties in our businesses.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="text-align: justify">We
                                            may not be successful in competing with companies in the asset management industry and alternative
                                            investment industries, some of which may have substantially greater resources than we do.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="text-align: justify">If
                                            we are unable to maintain and protect our intellectual property, or if third parties assert
                                            that we infringe their intellectual property rights, our business could suffer.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="text-align: justify">Security
                                            risks and attacks are common, increasing globally, and may result in significant liabilities.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="text-align: justify">Our
                                            failure to sufficiently secure our business and services may result in unauthorized access
                                            to investor data, a negative impact on our investor attraction and retention, and significant
                                            liabilities.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">&middot;</font></td><td style="text-align: justify">We
                                            depend on various cloud service providers operated by third parties, and any service outages,
                                            delays, or disruptions in these operations could harm our business and operating results.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="text-align: justify">If
                                            we are unable to implement and maintain effective internal control over financial reporting
                                            in the future, investors may lose confidence in the accuracy and completeness of our financial
                                            reports and the market price of our Class&nbsp;A Common Stock may decline.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="text-align: justify">The
                                            consolidation of investment funds or operating businesses of our portfolio companies could
                                            make it more difficult to understand the operating performance of our Platform and could
                                            create operational risks for the Company.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="text-align: justify">Our
                                            Bylaws have an exclusive forum for adjudication of disputes provision which limits the forum
                                            to the Delaware Court of Chancery for certain stockholder litigation matters actions against
                                            the Company, which may limit an investor&rsquo;s ability to seek what they regard as a favorable
                                            judicial forum for disputes with the Company or its directors, officers, employees, or stockholders.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="text-align: justify">If
                                            we were deemed to be an &ldquo;investment company&rdquo; under the Investment Company Act,
                                            applicable restrictions could make it impractical for us to continue our business as conducted
                                            and could have a material adverse effect on our businesses.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="text-align: justify">Extensive
                                            regulation of our businesses affects our activities and creates the potential for significant
                                            liabilities and penalties. The possibility of increased regulatory focus could result in
                                            additional burdens on our business. Changes in tax law and other legislative or regulatory
                                            changes could adversely affect us.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">&middot;</font></td><td style="text-align: justify">There
                                            is no present market for the Series&nbsp;AA Preferred Stock, and we have arbitrarily set
                                            the price.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">&middot;</font></td><td style="text-align: justify">We
                                            cannot assure you that we will be able to pay dividends.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">&middot;</font></td><td style="text-align: justify">We
                                            may issue additional debt and equity securities, which are senior to our Series&nbsp;AA Preferred
                                            Stock as to distributions and in liquidation, which could materially adversely affect the
                                            value of the Series&nbsp;AA Preferred Stock.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">&middot;</font></td><td style="text-align: justify">You
                                            will not have a vote or influence on the management of our company.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="text-align: justify">The
                                            dual-class structure of our common stock has the effect of concentrating voting control with
                                            our executive officers, which will limit your ability to influence the outcome of important
                                            transactions.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="text-align: justify">We
                                            may not be able to maintain a listing of our Class&nbsp;A Common Stock on Nasdaq.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="text-align: justify">Our
                                            share price has in the past and may in the future fluctuate substantially.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="text-align: justify">Future
                                            sales and issuances of our Class&nbsp;A Common Stock or rights to purchase Class&nbsp;A Common
                                            Stock, including pursuant to our equity incentive plans, could result in additional dilution
                                            of the percentage ownership of our stockholders and could cause the stock price of our Class&nbsp;A
                                            Common Stock to decline.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="text-align: justify">Our
                                            disclosure controls and procedures may not prevent or detect all errors or acts of fraud.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="text-align: justify">If
                                            we fail to implement and maintain an effective system of internal control, we may be unable
                                            to accurately report our operating results, meet our reporting obligations, or prevent fraud.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">&middot;</font></td><td style="text-align: justify">We
                                            are an emerging growth company, and we cannot be certain if the reduced reporting requirements
                                            applicable to emerging growth companies will make our Class&nbsp;A Common Stock less attractive
                                            to investors.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="text-align: justify">We
                                            are a &ldquo;controlled company&rdquo; within the meaning of the listing rules&nbsp;of Nasdaq
                                            and, as a result, can rely on exemptions from certain corporate governance requirements that
                                            provide protection to stockholders of other companies.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="text-align: justify">If
                                            securities or industry analysts do not publish research or publish unfavorable research about
                                            our business, our stock price and trading volume could decline.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="text-align: justify">We
                                            have never paid dividends on our common stock, and we do not intend to pay dividends for
                                            the foreseeable future. Consequently, any gains from an investment in our Class&nbsp;A Common
                                            Stock will likely depend on whether the price of our Class&nbsp;A Common Stock increases.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="text-align: justify">Our
                                            charter documents and Delaware law and the voting control exercised by our founders could
                                            prevent a takeover that stockholders consider favorable and could also reduce the market
                                            price of our stock.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="text-align: justify">Claims
                                            for indemnification by our directors and officers may reduce our available funds to satisfy
                                            successful third-party claims against us and may reduce the amount of money available to
                                            us.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Corporate Information</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our principal executive
offices are located at 8901 E. Mountain View Rd. Ste. 150, Scottsdale, AZ 85258 and our telephone number is (602) 295-7600. We maintain
a website at www.calibercos.com. Information available on our website is not incorporated by reference in and is not deemed a part of
this offering circular.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><a name="a2"></a>THE OFFERING</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 22%; padding-right: 2.65pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Securities
    being offered:</b></font></td>
    <td style="width: 3%; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</td>
    <td style="width: 75%; padding-right: 2.65pt; padding-left: 2.65pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Up
    to 800,000 shares of Series&nbsp;AA Preferred Stock at an offering price of $25.00 per share for a maximum offering amount of $20,000,000.</font></td></tr>
  <tr style="vertical-align: bottom">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
  <tr>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top; padding-right: 2.65pt; padding-left: 2.65pt"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td>
    <td style="vertical-align: top; padding-right: 2.65pt; padding-left: 2.65pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Ranking.
    </b></font>The Series&nbsp;AA Preferred Stock will rank, as to dividend rights and rights upon our liquidation, dissolution, or winding
    up, senior to our Common Stock and <i>pari passu</i> with our Series&nbsp;A Preferred Stock.</td></tr>
  <tr style="vertical-align: bottom">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
  <tr>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top; padding-right: 2.65pt; padding-left: 2.65pt"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td>
    <td style="vertical-align: top; padding-right: 2.65pt; padding-left: 2.65pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Stated
    Value.</b></font> Each share of Series&nbsp;AA Preferred Stock will have an initial stated value of $25.00, which is equal to the
    offering price per share, subject to appropriate adjustment in relation to certain events, such as recapitalizations, stock dividends,
    stock splits, stock combinations, reclassifications or similar events affecting our Series&nbsp;AA Preferred Stock.</td></tr>
  <tr style="vertical-align: bottom">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
  <tr>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top; padding-right: 2.65pt; padding-left: 2.65pt"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td>
    <td style="vertical-align: top; padding-right: 2.65pt; padding-left: 2.65pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Dividend
    Rate and Payment Date.</b></font> Holders of our Series&nbsp;AA Preferred Stock will be entitled to receive cumulative monthly cash
    dividends at a per annum rate of 9.5% of the stated value (or $0.198 per share each month based on the initial stated value). Dividends
    on each share will begin accruing on, and will be cumulative from, the date of issuance and regardless of whether our board of directors
    declares and pays such dividends.&nbsp;&nbsp;Dividends on the Series&nbsp;AA Preferred Stock will continue to accumulate whether
    or not (i)&nbsp;any of our agreements prohibit the current payment of dividends, (ii)&nbsp;we have earnings or funds legally available
    to pay the dividends, or (iii)&nbsp;our board of directors does not declare the payment of the dividends. In the event the monthly
    payment of dividends is not made within 30 days of the due date, dividends will accrue from the due date of such monthly payment
    at the rate of 18% per annum until such default is cured.</td></tr>
  <tr style="vertical-align: bottom">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
  <tr>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top; padding-right: 2.65pt; padding-left: 2.65pt"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td>
    <td style="vertical-align: top; padding-right: 2.65pt; padding-left: 2.65pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Liquidation
    Preference.</b></font> Upon liquidation, dissolution or winding up of our company, holders of shares of our Series&nbsp;AA Preferred
    Stock will be entitled to receive, before any payment or distribution is made to the holders of our Common Stock, a liquidation preference
    equal to the stated value per share, plus accrued but unpaid dividends thereon.</td></tr>
  <tr style="vertical-align: bottom">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
  <tr>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top; padding-right: 2.65pt; padding-left: 2.65pt"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td>
    <td style="vertical-align: top; padding-right: 2.65pt; padding-left: 2.65pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Redemption
    Request at the Option of a Holder.</b></font> Once per calendar quarter, a holder will have the opportunity to request that we redeem
    that holder&rsquo;s Series&nbsp;AA Preferred Stock. Our board of directors may, however, suspend cash redemptions at any time in
    its discretion if it determines that it would not be in the best interests of our company to effectuate cash redemptions at a given
    time because we do not have sufficient cash, including because our board believes that our cash on hand should be utilized for other
    business purposes. Redemptions will be limited to four percent (4%) of the total outstanding Series&nbsp;AA Preferred Stock per quarter
    and any redemptions in excess of such limit or to the extent suspended, shall be redeemed in subsequent quarters on a first come,
    first served, basis. We will redeem shares at a redemption price equal to the stated value of such redeemed shares, plus any accrued
    but unpaid dividends thereon, less the applicable redemption fee (if any). As a percentage of the aggregate redemption price of a
    holder&rsquo;s shares to be redeemed, the redemption fee shall be:</td></tr>
  <tr style="vertical-align: bottom">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
  <tr>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</td>
    <td style="vertical-align: top; padding-right: 2.65pt; padding-left: 2.65pt; text-align: justify"><font style="font-family: Symbol; font-size: 10pt">&middot;</font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;10%
    if the redemption is requested on or before the first anniversary of the original issuance of such shares;</font></td></tr>
  <tr style="vertical-align: bottom">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
  <tr>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</td>
    <td style="vertical-align: top; padding-right: 2.65pt; padding-left: 2.65pt; text-align: justify"><font style="font-family: Symbol; font-size: 10pt">&middot;</font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;8%
    if the redemption is requested after the first anniversary and on or before the second anniversary of the original issuance of such
    shares; and</font></td></tr>
</table>

<p style="margin: 0">&nbsp;</p>

<p style="margin: 0"></p>

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<p style="margin: 0">&nbsp;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr>
    <td style="vertical-align: bottom; width: 22%">&nbsp;</td>
    <td style="vertical-align: top; padding-right: 2.65pt; padding-left: 2.65pt; width: 3%">&nbsp;</td>
    <td style="vertical-align: top; padding-right: 2.65pt; padding-left: 2.65pt; text-align: justify; width: 75%"><font style="font-family: Symbol; font-size: 10pt">&middot;</font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;6%
    if the redemption is requested after the second anniversary and on or before the third anniversary of the original issuance of such
    shares.</font></td></tr>
  <tr style="vertical-align: bottom">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
  <tr>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top; padding-right: 2.65pt; padding-left: 2.65pt"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td>
    <td style="vertical-align: top; padding-right: 2.65pt; padding-left: 2.65pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Optional
    Redemption by our Company.</b></font> We will have the right (but not the obligation) to redeem shares of Series&nbsp;AA Preferred
    Stock at a redemption price equal to the stated value of such redeemed shares, plus any accrued but unpaid dividends thereon.</td></tr>
  <tr style="vertical-align: bottom">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
  <tr>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top; padding-right: 2.65pt; padding-left: 2.65pt"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td>
    <td style="vertical-align: top; padding-right: 2.65pt; padding-left: 2.65pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Mandatory
    Redemption by our Company.</b></font> We are required to redeem&nbsp;the outstanding shares of Series&nbsp;AA Preferred Stock on
    the third&nbsp;(3rd) anniversary of their issuance at a redemption price equal to the stated value of such redeemed shares, plus
    any accrued but unpaid dividends thereon.</td></tr>
  <tr style="vertical-align: bottom">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
  <tr>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top; padding-right: 2.65pt; padding-left: 2.65pt"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td>
    <td style="vertical-align: top; padding-right: 2.65pt; padding-left: 2.65pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Optional
    Repurchase Upon Death, Disability or Bankruptcy of a Holder.</b></font> Subject to certain restrictions and conditions, we will also
    repurchase shares of Series&nbsp;AA Preferred Stock of a holder who is a natural person (including an individual beneficial holder
    who holds shares through a custodian or nominee, such as a broker-dealer) upon his or her death, total disability or bankruptcy,
    within sixty (60) days of our receipt of a written request from the holder or the holder&rsquo;s estate at a repurchase price equal
    to the stated value, plus accrued and unpaid dividends thereon. A &ldquo;total disability&rdquo; means a determination by a physician
    approved by us that a holder, who was gainfully employed and working at least forty (40) hours per week as of the date on which his
    or her shares were purchased, has been unable to work forty (40) or more hours per week for at least twenty-four (24) consecutive
    months.</td></tr>
  <tr style="vertical-align: bottom">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
  <tr>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top; padding-right: 2.65pt; padding-left: 2.65pt"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td>
    <td style="vertical-align: top; padding-right: 2.65pt; padding-left: 2.65pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Restrictions
    on Redemption and Repurchase.</b></font> We will not be obligated to redeem or repurchase shares of Series&nbsp;AA Preferred Stock
    if we are restricted by applicable law or our articles of incorporation from making such redemption or repurchase or to the extent
    any such redemption or repurchase would cause or constitute a default under any borrowing agreements to which we or any of our subsidiaries
    are a party or otherwise bound. In addition, we will have no obligation to redeem shares in connection with a redemption request
    made by a holder if we determine, as of the redemption date, that we do not have sufficient funds available to fund that redemption.
    In this regard, we will have complete discretion under the certificate of designation for the Series&nbsp;AA Preferred Stock to determine
    whether we are in possession of &ldquo;sufficient funds&rdquo; to fund a redemption request. To the extent we are unable to complete
    redemptions we may have earlier agreed to make, we will complete those redemptions promptly after we become able to do so, with all
    such deferred redemptions being satisfied on a first come, first served, basis.</td></tr>
  <tr style="vertical-align: bottom">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
  <tr>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top; padding-right: 2.65pt; padding-left: 2.65pt"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td>
    <td style="vertical-align: top; padding-right: 2.65pt; padding-left: 2.65pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Voting
    Rights.</b></font> The Series&nbsp;AA Preferred Stock will have no voting rights relative to matters submitted to a vote of our stockholders
    (other than as required by law). However, we may not, without the affirmative vote or written consent of the holders of a majority
    of the then issued and outstanding Series&nbsp;AA Preferred Stock: (i)&nbsp;amend or waive any provision of the certificate of designation
    or otherwise take any action that modifies any powers, rights, preferences, privileges or restrictions of the Series&nbsp;AA Preferred
    Stock (other than an amendment solely for the purpose of changing the number of shares of Series&nbsp;AA Preferred Stock designated
    for issuance as provided in the certificate of designation); (ii)&nbsp;authorize, create or issue shares of any class of stock having
    rights, preferences or privileges as to dividends or distributions upon a liquidation that are superior to the Series&nbsp;AA Preferred
    Stock; or (iii)&nbsp;amend our articles of incorporation in a manner that adversely and materially affects the rights of the Series&nbsp;AA
    Preferred Stock.</td></tr>
</table>

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<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr>
    <td style="vertical-align: bottom; width: 22%">&nbsp;</td>
    <td style="vertical-align: top; padding-right: 2.65pt; padding-left: 2.65pt; width: 3%"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td>
    <td style="vertical-align: top; padding-right: 2.65pt; padding-left: 2.65pt; text-align: justify; width: 75%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Conversion
    Right.</b></font> At the third anniversary of the issuance date of a share of Series&nbsp;AA Preferred Stock, a holder may elect,
    with the prior written consent of the Company, which consent may be unreasonably withheld, to convert all or any portion of such
    then outstanding shares of Series&nbsp;AA Preferred Stock held by it into that number of shares of our Class&nbsp;A Common Stock
    determined by dividing the then Stated Value of such shares by the closing price of our Class A Common Stock as quoted on the Nasdaq
    Capital Market (the &ldquo;NCM&rdquo;) on the day prior to such date but in no event less than the closing price of our Class A Common
    Stock as quoted on the NCM on the day prior to the initial Closing Date.</td></tr>
  <tr>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</td>
    <td style="vertical-align: top; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td style="padding-right: 2.65pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Best efforts offering:</b></font></td>
    <td style="padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</td>
    <td style="padding-right: 2.65pt; padding-left: 2.65pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    managing dealer is selling the shares of Series&nbsp;AA Preferred Stock offered in this offering circular on a &ldquo;best efforts&rdquo;
    basis and is not required to sell any specific number or dollar amount of shares of Series&nbsp;AA Preferred Stock offered by this
    offering circular but will use its best efforts to sell such shares.</font></td></tr>
  <tr>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</td>
    <td style="vertical-align: top; padding-right: 2.65pt; padding-left: 2.65pt; text-align: justify">&nbsp;</td></tr>
  <tr>
    <td style="vertical-align: top; padding-right: 2.65pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Securities
    issued and outstanding before this offering:</b></font></td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top; padding-right: 2.65pt; padding-left: 2.65pt; text-align: justify"><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">15,056,356
                                            shares of Class&nbsp;A Common Stock, 7,416,414 shares of Class&nbsp;B Common Stock and 100,000
                                            shares of Series&nbsp;A Convertible Preferred Stock</p></td></tr>
  <tr style="vertical-align: bottom">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
  <tr>
    <td style="vertical-align: top; padding-right: 2.65pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Minimum
    subscription price:</b></font></td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top; padding-right: 2.65pt; padding-left: 2.65pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    minimum initial investment is at least $5,000 and any additional purchases must be investments of at least $5,000; provided that
    purchases of less than $5,000 may be made in the discretion of the managing dealer.</font></td></tr>
  <tr>
    <td style="vertical-align: top; padding-right: 2.65pt">&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</td></tr>
  <tr>
    <td style="vertical-align: top; padding-right: 2.65pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Use
    of proceeds:</b></font></td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top; padding-right: 2.65pt; padding-left: 2.65pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    estimate our net proceeds from this offering will be approximately $17.8 million if the maximum number of shares being offered are
    sold based upon the public offering price of $25.00 per share and after deducting the sales commissions, reallowance fees, managing
    dealer fees and estimating offering expenses payable by us.</font></td></tr>
  <tr style="vertical-align: bottom">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
  <tr>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top; padding-right: 2.65pt; padding-left: 2.65pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    currently intend that we may use up to $10.0 million of the net proceeds from this offering to retire outstanding promissory notes;
    to the extent a lesser amount of such notes are retired, the remaining amount will be used for general and working capital purposes.
    We intend to use the balance of net proceeds, if any, for general and working capital purposes. For a discussion, see &ldquo;Use
    of Proceeds.&rdquo;</font></td></tr>
  <tr style="vertical-align: bottom">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
  <tr>
    <td style="vertical-align: top; padding-right: 2.65pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Termination
    of the offering:</b></font></td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top; padding-right: 2.65pt; padding-left: 2.65pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
    offering will terminate at the earlier of: (1)&nbsp;the date at which the maximum amount of offered Series&nbsp;AA Preferred Stock
    has been sold, (2)&nbsp;the date which is one year after the offering statement of which this offering circular forms a part is originally
    qualified by the SEC, subject to an extension of up to an additional one year at the discretion of our company and the managing dealer,
    or (3)&nbsp;the date on which this offering is earlier terminated by us in our sole discretion.</font></td></tr>
  <tr style="vertical-align: bottom">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
  <tr>
    <td style="vertical-align: top; padding-right: 2.65pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Closings
    of the offering:</b></font></td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top; padding-right: 2.65pt; padding-left: 2.65pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    may undertake one or more closings on a rolling basis. </font></td></tr>
</table>

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<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr>
    <td style="vertical-align: bottom; width: 22%">&nbsp;</td>
    <td style="vertical-align: bottom; width: 3%">&nbsp;</td>
    <td style="vertical-align: top; padding-right: 2.65pt; padding-left: 2.65pt; text-align: justify; width: 75%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">You
    may not subscribe to this offering prior to the date of this offering statement, of which this offering circular forms a part is
    qualified by the SEC. Before such date, you may only make non-binding indications of your interest to purchase securities in the
    offering. For any subscription agreement received after such date, we have the right to review the subscription for completeness,
    complete anti-money laundering, know your client and similar background checks and accept the subscription if it is complete and
    passes such checks or reject the subscription if it fails any of such checks. If rejected, we will return all funds to the rejected
    investor within ten business days. </font></td></tr>
  <tr style="vertical-align: bottom">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
  <tr>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top; padding-right: 2.65pt; padding-left: 2.65pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Following
    the initial closing of this offering, we expect to have several subsequent closings of this offering until the maximum offering amount
    is raised or the offering is terminated. We expect to have closings monthly and expect that we will accept all funds subscribed for
    each month subject to our working capital and other needs consistent with the use of proceeds described in this offering circular.&nbsp;&nbsp;Investors
    should expect to wait approximately one month and no longer than forty-five days before we accept their subscriptions and they receive
    the securities for which they have subscribed.&nbsp;&nbsp;An investor&rsquo;s subscription is binding and irrevocable and investors
    will not have the right to withdraw their subscription or receive a return of funds prior to the next closing unless we reject the
    investor&rsquo;s subscription. You will receive a confirmation of your purchase promptly following the closing in which you participate.</font></td></tr>
  <tr style="vertical-align: bottom">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
  <tr>
    <td style="vertical-align: top; padding-right: 2.65pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Restrictions
    on investment amount:</b></font></td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top; padding-right: 2.65pt; padding-left: 2.65pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Generally,
    no sale may be made to you in this offering if the aggregate purchase price you pay is more than 10% of the greater of your annual
    income or net worth. Different rules&nbsp;apply to accredited investors and non-natural persons. Before making any representation
    that your investment does not exceed applicable thresholds, we encourage you to review Rule&nbsp;251(d)(2)(i)(c)&nbsp;of Regulation
    A. For general information on investing, we encourage you to refer to <font style="color: Black"><u>www.investor.gov</u></font>.</font></td></tr>
  <tr style="vertical-align: bottom">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
  <tr>
    <td style="vertical-align: top; padding-right: 2.65pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>No
    market for Series&nbsp;AA Preferred Stock; transferability:</b></font></td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top; padding-right: 2.65pt; padding-left: 2.65pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
    is no existing public trading market for the Series&nbsp;AA Preferred Stock and we do not anticipate that a secondary market for
    the stock will develop. We do not intend to apply for listing of the Series&nbsp;AA Preferred Stock on any securities exchange or
    for quotation in any automated dealer quotation system or other over-the-counter market. Nevertheless, you will be able to freely
    transfer or pledge your shares subject to the availability of applicable exemptions from the registration requirements of the Securities
    Act of 1933, as amended.</font></td></tr>
  <tr style="vertical-align: bottom">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
  <tr>
    <td style="vertical-align: top; padding-right: 2.65pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Current
    symbol:</b></font></td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top; padding-right: 2.65pt; padding-left: 2.65pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
    Class&nbsp;A Common Stock is quoted on the Nasdaq Capital Market under the symbol &ldquo;CWD.&rdquo;</font></td></tr>
  <tr style="vertical-align: bottom">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
  <tr>
    <td style="vertical-align: top; padding-right: 2.65pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risk
    factors:</b></font></td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top; padding-right: 2.65pt; padding-left: 2.65pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investing
    in our securities is highly speculative and involves a high degree of risk. You should carefully consider the information set forth
    in the &ldquo;Risk Factors&rdquo; section beginning on page&nbsp;<font style="color: Black"><u>14</u></font> before deciding to invest
    in our securities.</font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><a name="a3"></a>SUMMARY OF FINANCIAL DATA</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>The summary consolidated
financial data set forth below should be read together with our consolidated financial statements and the related notes to those statements,
as well as the &ldquo;Management&rsquo;s Discussion and Analysis of Financial Condition and Results of Operations&rdquo; section of this
prospectus. The summary consolidated financial data as of December&nbsp;31, 2023 and 2022 and for the years then ended for our company
are derived from our audited consolidated financial statements included elsewhere in this offering circular. The consolidated statements
of operations data for the nine months ended September&nbsp;30, 2024 and 2023 and the consolidated balance sheet data as of September&nbsp;30,
2024, have been derived from our unaudited interim financial statements included elsewhere in this offering circular. The unaudited interim
financial statements were prepared on a basis consistent with our audited financial statements and include in management&rsquo;s opinion,
all adjustments, consisting of normal recurring adjustments, that we consider necessary for a fair presentation of the financial information
set forth in those statements. Our historical results are not necessarily indicative of the results that may be expected in any future
period, and our interim results are not necessarily indicative of our expected results for the year ending December&nbsp;31, 2024.</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Consolidated Statements of Operations </b>(Amounts
in thousands, except per share data)&nbsp;</p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="6" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Nine Months
    Ended September&nbsp;30,</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="6" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Years Ended
    December&nbsp;31,</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">2023</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">2023</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">2022</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 44%; font: 10pt Times New Roman, Times, Serif; text-indent: -9pt; padding-left: 9pt">Revenue</td><td style="width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">13,283</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">8,720</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">14,210</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">17,887</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -9pt; padding-left: 9pt">Consolidated funds revenue</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">29,149</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">58,272</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">76,727</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">66,069</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -9pt; padding-left: 9pt">Operating costs</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">15,389</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">16,205</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">21,311</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">14,609</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -9pt; padding-left: 9pt">General and administrative</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">5,460</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">4,914</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">6,770</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">6,679</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -9pt; padding-left: 9pt">Marketing and advertising</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">507</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">888</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,052</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,179</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -9pt; padding-left: 9pt">Depreciation and amortization</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">439</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">409</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">550</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">58</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -9pt; padding-left: 9pt">Consolidated funds expenses</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">28,596</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">66,433</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">89,831</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">69,880</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -9pt; padding-left: 9pt">Consolidated funds -
    gain on real estate investments</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">4,976</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">21,530</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -9pt; padding-left: 9pt">Other income, net</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,015</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,479</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">374</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">326</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -9pt; padding-left: 9pt">Gain on extinguishment
    of debt</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,421</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -9pt; padding-left: 9pt">Interest income</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">325</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">279</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">350</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">178</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -9pt; padding-left: 9pt">Interest expense</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(3,958</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(3,408</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(4,717</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(1,055</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -9pt; padding-left: 9pt">Net (loss) income attributable
    to noncontrolling interests</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(2,188</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(13,165</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(14,891</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">11,931</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -9pt; padding-left: 9pt">Net (loss) income attributable
    to CaliberCos Inc.</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(8,389</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(10,342</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(12,703</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">2,020</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -9pt; padding-left: 9pt">Basic net (loss) income
    per share</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(0.38</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(0.53</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(0.63</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">0.11</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -9pt; padding-left: 9pt">Weighted average shares outstanding</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">21,828</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">19,688</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">20,087</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">18,003</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -9pt; padding-left: 9pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pro
    forma basic net (loss) income per share <sup>(1)</sup></font></td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(0.38</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(0.53</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(0.63</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">0.11</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -9pt; padding-left: 9pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pro
    forma weighted average shares outstanding <sup>(1)</sup></font></td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">21,828</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">19,688</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">20,087</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">18,003</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Consolidated
Balance Sheets </b></font>(Amounts in thousands)</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="6" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">As of September&nbsp;30,
    2024</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Actual</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 10pt"><b>As
    Adjusted <sup>(1)</sup></b></font></td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 72%; font-size: 10pt; text-indent: -9pt; padding-left: 9pt">Cash</td><td style="width: 2%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 10%; font-size: 10pt; text-align: right">516</td><td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 2%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 10%; font-size: 10pt; text-align: right">18,516</td><td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left; text-indent: -9pt; padding-left: 9pt">Restricted cash</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">2,534</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">2,534</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left; text-indent: -9pt; padding-left: 9pt">Real estate investments, net</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">21,515</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">21,515</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left; text-indent: -9pt; padding-left: 9pt">Due from related parties</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">12,305</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">12,305</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left; text-indent: -9pt; padding-left: 9pt">Investments in unconsolidated entities</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">12,723</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">12,723</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left; text-indent: -9pt; padding-left: 9pt">Operating lease &ndash; right of use assets</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">159</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">159</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left; text-indent: -9pt; padding-left: 9pt">Prepaid and other assets</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">2,808</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">2,808</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left; text-indent: -9pt; padding-left: 9pt">Assets of consolidated funds</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">106,023</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">106,023</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left; text-indent: -9pt; padding-left: 9pt">Total assets</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">158,583</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">177,183</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left; text-indent: -9pt; padding-left: 9pt">Notes payable</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">49,673</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">49,673</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left; text-indent: -9pt; padding-left: 9pt">Series&nbsp;AA Cumulative Redeemable Preferred
    Stock</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&mdash;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">18,000</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left; text-indent: -9pt; padding-left: 9pt">Accounts payable and accrued expenses</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">8,638</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">8,638</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left; text-indent: -9pt; padding-left: 9pt">Due to related parties</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">210</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">210</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left; text-indent: -9pt; padding-left: 9pt">Operating lease liabilities</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">100</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">100</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left; text-indent: -9pt; padding-left: 9pt">Other liabilities</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">763</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">763</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left; text-indent: -9pt; padding-left: 9pt">Liabilities of consolidated funds</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">35,918</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">35,918</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left; text-indent: -9pt; padding-left: 9pt">Total liabilities</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">95,302</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">113,902</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left; text-indent: -9pt; padding-left: 9pt">Stockholders&rsquo; (deficit) equity attributable
    to CaliberCos Inc.</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(3,849</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(3,849</td><td style="font-size: 10pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left; text-indent: -9pt; padding-left: 9pt">Stockholders&rsquo; equity attributable to
    noncontrolling interests</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">67,130</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">67,130</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left; text-indent: -9pt; padding-left: 9pt">Total stockholders&rsquo; equity</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">63,281</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">63,281</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
  </table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 4%; padding-right: 2.65pt; padding-left: 2.65pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</font></td>
    <td style="width: 96%; padding-right: 2.65pt; padding-left: 2.65pt; text-align: justify"><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">As
                                            adjusted consolidated balance sheet data gives the effect to 800,000 shares of Series AA
                                            Cumulative Redeemable Preferred Stock in this offering at the assumed offering price of $25.00
                                            per share and after deducting sales commissions and the managing dealer fee. The shares of
                                            Series AA Cumulative Redeemable Preferred stock are classified as temporary equity due to
                                            redemption feature upon certain events that are outside the Company&rsquo;s control.</p></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><a name="a4"></a>RISK FACTORS</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>An investment in our securities
involves a high degree of risk. You should carefully read and consider all the risks described below, together with all of the other
information contained or referred to in this offering circular, before making an investment decision with respect to our securities.
If any of the following events occur, our financial condition, business, and results of operations (including cash flows) may be materially
adversely affected. In that event, the value of your Series&nbsp;AA Preferred Stock could decline, and you could lose all or part of
your investment.</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Risks Related to Our Business</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Our business depends
in large part on our ability to raise capital for our funds from investors. If we were unable to raise such capital, we may be unable
to grow our asset management revenues. The inability to deploy such capital into investments, may materially reduce our revenues and
cash flows and adversely affect our financial condition.</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We depend on the capital
markets to grow our assets under management, (&ldquo;AUM&rdquo;) and we depend on third-party equity and debt financings to acquire properties
for our funds. We intend to continue to raise a significant amount of equity and debt to acquire various alternative investments for
our funds in the ordinary course of our business. Our debt financing depends on a combination of seller financing, the assumption of
existing loans, government agencies, and financial institutions. We depend on equity financing from equity partners, which may include
public or private companies, pension funds, family offices, financial institutions, endowments, high net worth individuals, and money
managers. Our access to capital funding for our funds is uncertain. Our inability to raise additional capital for our funds on terms
reasonably acceptable to us could jeopardize the future growth of our business.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our ability to raise capital
from investors in our funds depends on several factors, including many that are outside our control. Investors may downsize their investment
allocations to alternative asset managers, including private funds and hedge funds, to rebalance a disproportionate weighting of their
overall investment portfolio among asset classes. Poor performance of our funds could also make it more difficult for us to raise new
capital. Our investors and potential investors continually assess our funds&rsquo; performance independently and relative to market benchmarks
and our competitors, and our ability to raise capital for existing and future funds depends on our funds&rsquo; performance. The financial
markets are affected by many factors, such as U.S. and foreign economic conditions and general trends in business and finance that are
beyond our control, which could be adversely affected by changes in the equity or debt marketplaces, unanticipated changes in currency
exchange rates, interest rates, inflation rates, the yield curve, financial crises, changes in regulation, war, terrorism, natural disasters
and other factors that are difficult to predict. The markets continue to be affected by inflation in the United States, global health
pandemics, the imposition of sanctions and the escalation of hostilities between Russia and Ukraine, the Israel-Hamas conflict, and the
recession in the United Kingdom. In the event that the U.S. or international financial markets suffer a severe or prolonged downturn
or increased volatility, our funds&rsquo; investments may lose value and investors may choose to withdraw assets from our funds and use
the assets to pay expenses or transfer them to investments that they perceive to be more secure, such as bank deposits and Treasury securities.
If economic and market conditions deteriorate, we may be unable to raise sufficient capital to support the investment activities of future
funds. If we are unable to successfully raise capital, our revenues and cash flows would be reduced, and our financial condition would
be adversely affected.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Changes in prevailing
interest rates may reduce our profitability, and we may not be able to adequately anticipate and respond to changes in market interest
rates.</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The majority of our funds&rsquo;
assets are subject to risk from changes in interest rates. Our earnings and cash flows depend to a great extent upon the difference between
the interest our funds pay on loans and borrowings and the value of fixed-rate debt investments made by our funds. Depending on the terms
and maturities of our assets and liabilities, a significant change in interest rates could have a material adverse effect on our profitability.
In addition, rising interest rates, coupled with periods of significant equity and credit market volatility may potentially make it more
difficult for us to find attractive opportunities for our funds to exit and realize value from their existing investments.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Interest rates remained
at relatively low levels on a historical basis and the U.S. Federal Reserve maintained the federal funds target range at 0.0% to 0.25%
for much of 2020 and 2021. The Federal Reserve raised interest rates by an aggregate of 525 basis points from January&nbsp;1, 2022 through
September&nbsp;18, 2024, but subsequently, on September&nbsp;19, 2024, the Federal Reserve decreased the federal funds rate by 50 basis
points. Additionally, the current geopolitical environment in Europe provides yet another layer of uncertainty around the actions that
the Federal Reserve might take. Market interest rates are affected by many factors outside of our control, including governmental monetary
policies, domestic and international economic conditions, inflation, deflation, recession, changes in unemployment, the money supply,
international disorder, and instability in domestic and foreign financial markets. Rising interest rates create downward pressure on
the price of real estate, increase the cost and reduce the availability of debt financing for the transactions our funds pursue and decrease
the value of fixed-rate debt investments made by our funds, each of which may have an adverse impact on our business.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Increased costs of borrowing
could also cause us to reconsider the purchase of certain real estate assets, the terms of any such purchase or the mix of debt and equity
we employ in connection with such purchase. Such issues are expected to be more prevalent in a continued rising interest rate environment.
A higher interest rate environment may lead to a significant contraction or weakening in the market for debt financing or have other
adverse changes relating to the terms of debt financing (such as, for example, higher equity requirements and/or more restrictive covenants),
particularly in the area of acquisition financings for private equity and real estate transactions, which could have a material adverse
impact on our business. In a rising interest rate environment, the financing of acquisitions or the operations of our funds&rsquo; portfolio
companies with debt may also become less attractive due to the cost of capital or limitations on the deductibility of corporate interest
expense. If our funds are unable to obtain committed debt financing for potential acquisitions, can only obtain debt financing at an
increased interest rate or on unfavorable terms, or the ability to deduct corporate interest expense is substantially limited, our funds
may face increased competition from strategic buyers of assets who may have an overall lower cost of capital or the ability to benefit
from a higher amount of cost savings following an acquisition, or may have difficulty completing otherwise profitable acquisitions or
may generate profits that are lower than would otherwise be the case, each of which could lead to a decrease in our revenues.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In addition, if our funds
are unable to obtain committed debt financing for potential acquisitions or can only obtain debt financing at an increased interest rate
or on unfavorable terms, this would require us to employ a higher mix of equity to acquire real estate assets. The cost of equity in
a rising interest rate environment may also become more expensive, and we may be required to offer a higher rate of return on equity
in order to finance such assets. This in turn would adversely affect our profitability from such assets. While to date our funds&rsquo;
borrowing costs have not substantially increased, as rates continue to increase, our ability to use leverage as a financing tool or to
pass along any increased costs of borrowing or financing will become more difficult, all of which could have an adverse effect on our
profitability.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Inflation can have
an adverse impact on our business and on our customers.</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Inflation risk is the risk
that the value of assets or income from investments will be worth less in the future as inflation decreases the purchasing power of money.
The annual inflation rate in the United States increased to 9.1% in June&nbsp;2022, the highest rate since November&nbsp;1981, but decreased
to 2.4% in September&nbsp;2024. As a result, from January&nbsp;1, 2022 through September&nbsp;18, 2024, the Federal Reserve increased
the federal funds rate by 525 basis points, but subsequently, on September&nbsp;19, 2024, the Federal Reserve decreased the federal funds
rate by 50 basis points. For project execution, inflation has increased the cost of nearly all building materials and labor types, increasing
the cost of construction and renovation of our funds&rsquo; assets. Furthermore, third parties we do business with, such as developers
and contractors, are also affected by inflation and the rising costs of goods and services used in their businesses. A significant and
continued increase in interest rates and inflation would be expected to have a negative impact on their ability to do business with us,
which would affect our profitability.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Adverse developments
affecting the financial services industry, such as actual events or concerns involving liquidity, defaults, or non-performance by financial
institutions or transactional counterparties, could adversely affect our current and projected business operations and our financial
condition and results of operations.</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Actual events involving
limited liquidity, defaults, non-performance or other adverse developments that affect financial institutions, transactional counterparties
or other companies in the financial services industry or the financial services industry generally, or concerns or rumors about any events
of these kinds or other similar risks, have in the past and may in the future lead to market-wide liquidity problems. For example, on
March&nbsp;10, 2023, Silicon Valley Bank (&ldquo;SVB&rdquo;) was closed by the California Department of Financial Protection and Innovation,
which appointed the Federal Deposit Insurance Corporation (&ldquo;FDIC&rdquo;) as receiver. Similarly, on March&nbsp;12, 2023, Signature
Bank and Silvergate Capital Corp. (&ldquo;Silvergate Capital&rdquo;), and then on May&nbsp;1, 2023, First Republic Bank, were each swept
into receivership. Although a statement by the Department of the Treasury, the Federal Reserve and the FDIC indicated that all depositors
of SVB would have access to all of their money after only one business day of closure, including funds held in uninsured deposit accounts,
borrowers under credit agreements, letters of credit and certain other financial instruments with any financial institution that is placed
into receivership by the FDIC may be unable to access undrawn amounts thereunder. Although we are not a borrower or party to any such
instruments with SVB, Signature Bank, First Republic Bank or any other financial institution currently in receivership, if any of our
lenders or counterparties to any such instruments were to be placed into receivership, we may be unable to access such funds. In addition,
if any of our customers, suppliers or other parties with whom we conduct business are unable to access funds pursuant to such instruments
or lending arrangements with such a financial institution, such parties&rsquo; ability to pay their obligations to us or to enter into
new commercial arrangements requiring additional payments to us could be adversely affected. In this regard, counterparties to SVB, Signature
Bank or First Republic Bank credit agreements and arrangements, and third parties such as beneficiaries of letters of credit (among others),
may experience direct impacts from the closures of SVB, Signature Bank and First Republic Bank and uncertainty remains over liquidity
concerns in the broader financial services industry. Similar impacts have occurred in the past, such as during the 2008-2010 financial
crisis. We hold no deposits or securities with SVB, Signature Bank, First Republic Bank or Silvergate Capital.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>A decline in the pace
of growth or size of investment made by our funds may adversely affect our revenues.</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Revenues we derive from
our asset management and related services are driven in part by the pace at which our funds make investments and the size of those investments.
A decline in the pace or the size of such investments may reduce our revenues. The pace of our investments could decline due to, among
other factors, the market environment for private equity transactions, which has at times been characterized by relatively high prices,
and such market changes make the deployment of capital more difficult. In addition, many other factors could cause a decline in the pace
of investment, including the inability of our investment professionals to identify attractive investment opportunities, competition for
such opportunities among other potential acquirers, decreased availability of capital on attractive terms, and our failure to consummate
identified investment opportunities because of business, regulatory or legal complexities or uncertainty and adverse developments in
the U.S. or global economy or financial markets. In addition, if our funds are unable to deploy capital at a pace that is sufficient
to offset the pace of realizations, our fee revenues could decrease.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Our revenue, earnings,
net income, and cash flows can all vary materially, which may make it difficult for us to achieve steady earnings growth on a quarterly
basis and may cause the price of our Class&nbsp;A Common Stock to decline.</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We have in the past and
may in the future experience fluctuations in our consolidated results, including our consolidated revenues and net income, from quarter
to quarter due to increases or decreases in the number of funds included in our consolidated financial statements. Additional factors
include the timing of realizations, changes in the amount of distributions or interest paid in respect of investments, changes in our
operating expenses, the degree to which we encounter competition and general economic and market conditions. These additional factors
also impact our Platform results. Achieving steady growth in Platform net income and cash flows on a quarterly basis may be difficult,
which could in turn lead to large adverse movements or general increased volatility in the price of our Class&nbsp;A Common Stock. We
also do not provide any guidance regarding our expected quarterly and annual operating results. The lack of near-term guidance may affect
the expectations of public market analysts and could cause increased volatility in our Class&nbsp;A Common Stock price.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We have incurred operating
losses and negative operating cash flows for the year ended December&nbsp;31, 2023, and may incur operating losses and negative cash
flows in future periods. In response to these conditions, and the absence of sufficient cash to satisfy the debt obligations referenced
below under &ldquo;- We have an amount of total liabilities which may be considered significant for a company of our size which could
adversely affect our financial condition and our ability to react to changes in our business&rdquo;, management plans to i) negotiate
extensions of such loans or refinance such debt, ii) obtain new financing, iii) reduce operating costs, iv) collect receivables and return
investments from our funds, and/or v) increase capital raise through continued expansion of fundraising channels.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our revenue, net income,
and cash flows can all vary materially due to performance allocations (income earned with respect to our carried interest is recorded
as performance allocations) in any fiscal period. Performance allocations depend on our funds&rsquo; performance and opportunities for
realizing gains, which may be limited. Our cash flow may fluctuate significantly due to the fact that we receive performance allocations
from our carry funds only when portfolio companies make distributions in excess of preferred return hurdles, or when investments are
realized and achieve a minimum preferred return. It takes a substantial period of time to identify attractive investment opportunities,
to raise all the funds needed to make an investment, to manage the performance of the investment, and then to realize the cash value
(or other proceeds) of an investment through a sale, public offering, recapitalization or other exit. Even if an investment proves to
be profitable, it may be several years before any profits can be realized in cash (or other proceeds). We cannot predict with certainty
exactly when, or if, any performance allocations will or may occur.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In addition, upon the realization
of a profitable investment by any of our funds and prior to our receiving any performance allocations in respect of that investment,
100% of the net proceeds from such realization must generally be paid to the investors in that fund until they have achieved a certain
return on all realized investments by that fund. A particular realization event may have a significant impact on our results for that
particular quarter that may not be replicated in subsequent quarters. We recognize revenue on investments in our investment funds based
on our allocable share of realized gains (or losses) reported by such investment funds, and a decline in gains, or an increase in losses,
would adversely affect our revenue and possibly cash flow, which could further increase the volatility of our quarterly results. Because
our carry funds have preferred return thresholds to investors that need to be met prior to our receiving any performance allocations,
substantial declines in the carrying value of the investment portfolios of a fund can significantly delay or eliminate any performance
allocations paid to us in respect of that fund since the value of the assets in the fund would need to recover to their aggregate cost
basis plus the preferred return over time before we would be entitled to receive any performance allocations from that fund.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The timing and receipt of
performance allocations also varies with the life cycle of our funds. During periods in which a relatively large portion of our assets
under management are attributable to funds and investments in their &ldquo;optimized&rdquo; period, our funds would make larger distributions
than in the fundraising or investment periods that precede the optimized period. During periods in which a significant portion of our
assets under management is attributable to funds that are not in their optimized periods, we may receive substantially lower performance
allocations.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>We could lose part
or all of our investments, which could have a material adverse effect on our financial condition and results of operations.</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">There is an inherent risk
that we could lose all or part of our investment in certain assets. Our investments are generally illiquid, which may affect our ability
to change our asset mix in response to changes in economic and other conditions. The value of our investments can also be diminished
by:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">&middot;</font></td><td style="text-align: justify">civil
                                            unrest, acts of war and terrorism and acts of God, including earthquakes, hurricanes, and
                                            other natural disasters (which may result in uninsured or underinsured losses);</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">&middot;</font></td><td style="text-align: justify">the
                                            impact of present or future legislation (including environmental regulation, changes in laws
                                            concerning foreign ownership of property, changes in tax rates, changes in zoning laws and
                                            laws requiring upgrades to accommodate disabled persons) and the cost of compliance with
                                            these types of legislation; and</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">&middot;</font></td><td style="text-align: justify">liabilities
                                            relating to claims, to the extent insurance is not available or is inadequate.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>We have an amount
of total liabilities which may be considered significant for a company of our size which could adversely affect our financial condition
and our ability to react to changes in our business.</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company had individual
corporate notes aggregating $36.4 million at December&nbsp;31, 2023 for which the maturity dates of the majority of these notes are within
the 12-month period subsequent to when the financial statements for the year ended December&nbsp;31, 2023 were issued. We currently do
not have sufficient cash on hand to satisfy such obligations.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We believe this is an amount
of total liabilities which may be considered significant for a company of our size and current revenue base. Our substantial total liabilities
could have important consequences to us. For example, it could:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">&middot;</font></td><td style="text-align: justify">require
                                            us to dedicate a substantial portion of our cash flows from operations to make payments on
                                            our debt, which would reduce the availability of our cash flows from operations to fund working
                                            capital, capital expenditures or other general corporate purposes;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">&middot;</font></td><td style="text-align: justify">increase
                                            our vulnerability to general adverse economic and industry conditions, including interest
                                            rate fluctuations;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">&middot;</font></td><td style="text-align: justify">place
                                            us at a competitive disadvantage to our competitors with proportionately less debt for their
                                            size;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">&middot;</font></td><td style="text-align: justify">limit
                                            our ability to refinance our existing debt or borrow additional funds in the future;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">&middot;</font></td><td style="text-align: justify">limit
                                            our flexibility in planning for, or reacting to, changing conditions in our business; and</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">&middot;</font></td><td style="text-align: justify">limit
                                            our ability to react to competitive pressures or make it difficult for us to carry out capital
                                            spending that is necessary or important to our growth strategy.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Any of the foregoing impacts
of our substantial total liabilities could have a material adverse effect on our business, financial condition and results of operations.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>We may not be able
to generate sufficient cash to service all of our debt or refinance our obligations and may be forced to take other actions to satisfy
our obligations under such indebtedness, which may not be successful.</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We require cash to (a)&nbsp;provide
capital to facilitate the growth of our existing businesses, (b)&nbsp;co-investment into our funds, if any, (c)&nbsp;service our debt
and (d)&nbsp;pay operating expenses and other obligations as they arise. There is no guarantee that in the future we will generate enough
working capital to support our business. Our ability to repay our total liabilities, including our ability to make scheduled payments
on our debt or to refinance our obligations under our debt agreements, will depend on our financial and operating performance, which,
in turn, will be subject to prevailing economic and competitive conditions and to the financial and business risk factors we face as
described in this section, many of which may be beyond our control. If the global economy and conditions in the financing markets worsen,
our fund investment performance could suffer, resulting in, for example, the payment of less or no performance allocations to us. This
could materially and adversely affect the amount of cash we have on hand.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">If our cash flows and capital
resources are insufficient to repay our total liabilities, including the ability to fund our debt service obligations, we may be forced
to reduce or delay capital expenditures or planned growth objectives, seek to obtain additional equity capital or restructure our debt.
We may also need additional cash resources in the future if we find and wish to pursue opportunities for investment, acquisition, capital
expenditures or similar actions. If we determine that our cash requirements exceed the amount of cash and cash equivalents we have on
hand at the time, we may seek to issue additional equity or debt securities or obtain credit facilities. If we issue additional equity
securities to raise funds, whether to existing investors or others, the ownership percentage of our existing stockholders would be reduced.
New investors may demand rights, preferences, or privileges senior to those of existing holders of common stock. We may also be limited
as to the amount of funds we can raise pursuant to SEC rules&nbsp;and the continued listing requirements of Nasdaq. The incurrence of
indebtedness would result in increased fixed obligations and could result in operating covenants that would restrict our operations.
We cannot assure you that financing will be available in amounts or on terms acceptable to us, if at all.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In the future, our cash
flows and capital resources may not be sufficient for payments of interest on and principal of our debt, and such alternative measures
may not be successful and may not permit us to meet scheduled debt service obligations. In addition, the recent worldwide credit crisis
could make it more difficult for us to repay our total liabilities, including the ability to refinance our debt on favorable terms, or
at all. In the absence of positive operating results and/or sufficient cash resources, we may be required to dispose of material assets
to repay our total liabilities, including the ability to meet our debt service obligations. We may not be able to consummate those sales,
or, if we do, we will not control the timing of the sales or whether the proceeds that we realize will be adequate to repay our total
liabilities, including the ability to meet debt service obligations when due.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>The historical returns
attributable to our funds should not be considered as indicative of the future results of our funds or of our future results or of any
returns expected on an investment in our Class&nbsp;A Common Stock.</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">An investment in our Class&nbsp;A
Common Stock is not an investment in any of our funds. You should not conclude that positive performance of our funds will necessarily
result in positive returns on an investment in our Class&nbsp;A Common Stock. The historical performance of our funds is relevant to
us primarily insofar as it is indicative of asset management revenues and performance allocations we have earned in the past and may
earn in the future and our reputation and ability to raise new funds.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In addition, the historical
returns of our funds may not be indicative of any future returns of these or from any future funds we may raise due to several factors
including:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="text-align: left; width: 0.25in; vertical-align: top"><font style="font-family: Symbol">&middot;</font></td><td style="text-align: justify">market
                                            conditions during previous periods may have been more favorable for generating positive performance
                                            than the market conditions we may experience in the future; and</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">&middot;</font></td><td style="text-align: justify">our
                                            funds&rsquo; returns may have previously benefited from investment opportunities and general
                                            market conditions that may not recur, and we may not be able to achieve the same returns
                                            or profitable investment opportunities or deploy capital as quickly.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>We may be subject
to litigation risks and may face liabilities and damage to our professional reputation as a result of investment decisions on behalf
of investors in our funds.</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We make investment decisions
on behalf of investors in our funds that could result in substantial losses. This may subject us to the risk of legal liabilities or
actions alleging negligent misconduct, breach of fiduciary duty, or breach of contract. Further, we may be subject to third-party litigation
arising from allegations that we improperly exercised control or influence over portfolio investments.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">These and other legal liabilities
could have a material adverse effect on our businesses, financial condition, our results of operations, or cause reputational harm to
us, which could harm our businesses. We depend, to a large extent, on our business relationships and our reputation for integrity and
professional services to attract and retain investors and to pursue investment opportunities for our funds. As a result, allegations
of improper conduct by private litigants or regulators, whether the ultimate outcome is favorable or unfavorable to us, as well as negative
publicity and press speculation about us, our investment activities, or the investment industry in general, whether or not valid, may
harm our reputation, which may be damaging to our businesses.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Actions of any joint
venture partners that we may have could reduce the returns on joint venture investments.</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">At times we enter joint
ventures or partnerships to acquire and develop properties. Such investments may involve risks not otherwise present with other methods
of investment, including:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">&middot;</font></td><td style="text-align: justify">that
                                            our co-venturer, or partner in an investment could become insolvent or bankrupt;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">&middot;</font></td><td style="text-align: justify">that
                                            such co-venturer, or partner may at any time have economic or business interests or goals
                                            that are or that become inconsistent with our business interests or goals;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">&middot;</font></td><td style="text-align: justify">that
                                            such co-venturer, or partner may be in a position to take action contrary to our instructions,
                                            requests or our policies or objectives; or</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">&middot;</font></td><td style="text-align: justify">that
                                            disputes between us and our co-venturer, or partner, may result in litigation or arbitration
                                            that would increase expenses.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Any of the above might subject
a property to liabilities in excess of those contemplated and thus reduce our returns on that investment.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Our reliance on third
parties to operate and to develop certain of our properties may harm our business.</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In some instances, we rely
on third-party property managers and hotel operators to manage our properties. These third parties are directly responsible for the day-to-day
operation of our properties with limited supervision by us, and they often have potentially significant decision-making authority with
respect to those properties. These third parties may fail to manage our properties effectively or in accordance with their agreements
with us, may be negligent in their performance and may engage in criminal or fraudulent activity. If any of these events occur, we could
incur losses or face liabilities from the loss or injury to our property or to persons at our properties. In addition, disputes may arise
between us and these third-party managers and operators, and we may incur significant expenses to resolve those disputes or terminate
the relevant agreement with these third parties and locate and engage competent and cost-effective service providers to operate and manage
the relevant properties.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In addition, we are also
parties to hotel management agreements. If any of these events occur, our relationships with any franchisors may be damaged, we may be
in breach of our franchise agreement, and we could incur liabilities resulting from loss or injury to our property or to persons at our
properties. From time to time, disputes may arise between us and our third-party managers regarding their performance or compliance with
the terms of the hotel management agreements, which in turn could adversely affect us. If we are unable to resolve such disputes through
discussions and negotiations, we may choose to terminate our management agreement, litigate the dispute or submit the matter to third-party
dispute resolution, the expense of which may be material and the outcome of which may harm our business, operating results or prospects.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Changes in relevant
tax laws, regulations, treaties, or an adverse interpretation of these items by tax authorities could adversely impact our effective
tax rate and tax liability.</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our effective tax rate and
tax liability is based on the application of current income tax laws, regulations and treaties. These laws, regulations and treaties
are complex, and the manner which they apply to us and our funds is sometimes open to interpretation. Significant management judgment
is required in determining our provision for income taxes, our deferred tax assets and liabilities and any valuation allowance recorded
against our net deferred tax assets. Although management believes its application of current laws, regulations and treaties to be correct
and sustainable upon examination by the tax authorities, the tax authorities could challenge our interpretation resulting in additional
tax liability or adjustment to our income tax provision that could increase our effective tax rate. In particular, changes in legislation
or regulation relating to opportunity zones could adversely affect our ability to form new opportunity zone funds or to acquire assets
for our existing opportunity zone funds, thereby diminishing our ability to generate revenue from those activities.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Conflicts of interest
exist between our Company and related parties.</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Conflicts of interest exist
and may arise in the future as a result of the relationships between our Company and its affiliates and divisions and our officers, directors
and owners, on the one hand, and our funds and its investors, on the other hand. We earn fees from our funds, including our carried interest
which value is a direct result from the performance of our funds. There may be instances where the interests of our funds and the investors
in such funds diverge from those of our Company which could result in conflicts of interest. In resolving these conflicts, our board
of directors and executive officers have a fiduciary duty to our stockholders. In addition, as we operate as a fund manager through a
wholly owned subsidiary, our Company has a fiduciary duty to investors in the funds we manage. Unless the resolution of a conflict is
specifically provided for in the operating agreements of such funds, our board of directors may consider a wide range of factors they
determine to be in good faith when resolving a conflict. An independent third party is not required to evaluate the resolution. As a
result of the foregoing, there may be instances where any such conflicts are resolved in a manner which favors the interests of our funds
and their investors over our stockholders.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Risk management activities
may adversely affect the return on our funds&rsquo; investments.</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">When managing our exposure
to market risks, we may (on our own behalf or on behalf of our funds) from time to time use forward contracts, options, swaps, caps,
collars and floors, or pursue other strategies or use other forms of derivative instruments to limit our exposure to changes in the relative
values of investments that may result from market developments, including changes in prevailing interest rates, currency exchange rates
and commodity prices. The success of any hedging or other derivative transactions generally will depend on our ability to correctly predict
market changes, the degree of correlation between price movements of a derivative instrument, the position being hedged, the creditworthiness
of the counterparty and other factors. As a result, while we may enter into a transaction in order to reduce our exposure to market risks,
the transaction may result in poorer overall investment performance than if it had not been executed. Such transactions may also limit
the opportunity for gain if the value of a hedged position increases.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">While such hedging arrangements
may reduce certain risks, such arrangements themselves may entail certain other risks. These arrangements may require the posting of
cash collateral at a time when a fund has insufficient cash or illiquid assets such that the posting of the cash is either impossible
or requires the sale of assets at prices that do not reflect their underlying value. Moreover, these hedging arrangements may generate
significant transaction costs, including potential tax costs, that reduce the returns generated by a fund. Finally, the Commodity Futures
Trading Commission (the &ldquo;CFTC&rdquo;) may in the future require certain foreign exchange products to be subject to mandatory clearing,
which could increase the cost of entering into currency hedges.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Our real estate funds
are subject to the risks inherent in the ownership, development, and operation of real estate.</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Investments in our real
estate funds will be subject to the risks inherent in the ownership and operation of real estate and real estate-related businesses and
assets, including the deterioration of real estate fundamentals. These risks include, but are not limited to, those associated with the
burdens of ownership of real property, general and local economic conditions, changes in supply of and demand for competing properties
in an area (as a result, for instance, of overbuilding), fluctuations in the average occupancy and room rates for hotel properties, operating
income, the financial resources of tenants, changes in building, environmental, zoning and other laws, casualty or condemnation losses,
energy and supply shortages, various uninsured or uninsurable risks, natural disasters, climate change related risks (including climate-related
transition risks and acute and chronic physical risks), changes in government regulations (such as rent control), changes in real property
tax rates, changes in income tax rates, changes in interest rates, the reduced availability of mortgage funds which may render the sale
or refinancing of properties difficult or impracticable, increased mortgage defaults, increases in borrowing rates, changes to the taxation
of business entities and the deductibility of corporate interest expense, negative developments in the economy that depress travel activity,
environmental liabilities, contingent liabilities on disposition of assets, acts of god, terrorist attacks, war and other factors that
are beyond our control. In addition, if our real estate funds acquire direct or indirect interests in undeveloped land or underdeveloped
real property, which may often be non-income producing, they will be subject to the risks normally associated with such assets and development
activities, including risks relating to the availability and timely receipt of zoning and other regulatory or environmental approvals,
the cost and timely completion of construction (including risks beyond the control of our fund, such as weather, labor conditions, or
material shortages), and the availability of both construction and permanent financing with favorable terms. In addition, our real estate
funds may also make investments in residential real estate projects and/or otherwise participate in financing opportunities relating
to residential real estate assets or portfolios thereof from time to time, which may be more susceptible to adverse changes in prevailing
economic and/or market conditions and present additional risks relative to the ownership and operation of commercial real estate assets.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Investments by our
investment funds may rank junior to investments made by others.</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In most cases, the companies
in which our investment funds invest will have indebtedness or equity securities or may be permitted to incur indebtedness or to issue
equity securities that rank senior to our investment. By their terms, such instruments may provide that their holders are entitled to
receive payments of dividends, interest or principal on or before the dates on which payments are to be made in respect of our investment.
Also, in the event of insolvency, liquidation, dissolution, reorganization or bankruptcy of a company in which an investment is made,
holders of securities ranking senior to our investment would typically be entitled to receive payment in full before distributions could
be made in respect of our investment. After repaying senior security holders, the company may not have any remaining assets to use for
repaying amounts owed in respect of our investment. To the extent that any assets remain, holders of claims that rank equally with our
investment would be entitled to share on an equal and ratable basis in distributions that are made out of those assets. Also, during
periods of financial distress or following an insolvency, the ability of our investment funds to influence a company&rsquo;s affairs
and to take actions to protect their investments may be substantially less than that of the senior creditors.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Rapid growth of our
businesses may be difficult to sustain and may place significant demands on our administrative, operational, and financial resources.</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our assets under management
have grown significantly in the past, and we are pursuing further growth in the near future, both organically and through acquisitions.
Our rapid growth has placed, and planned growth, if successful, will continue to place, significant demands on our legal, accounting
and operational infrastructure, and has increased expenses. The complexity of these demands, and the expense required to address them,
is a function not simply of the amount by which our assets under management has grown, but of the growth in the variety and complexity
of, as well as the differences in strategy between, our different funds. In addition, we are required to continuously develop our systems
and infrastructure in response to the increasing sophistication of the investment management market and legal, accounting, regulatory,
and tax developments.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our future growth will depend
in part on our ability to maintain an operating platform and management system sufficient to address our growth and will require us to
incur significant additional expenses and to commit additional senior management and operational resources.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>We depend on our founders,
senior professionals, and other key personnel, and our ability to retain them and attract additional qualified personnel is critical
to our success and our growth prospects.</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We depend on the diligence,
skill, judgment, business contacts and personal reputations of our founders, senior professionals and other key personnel. Our future
success will depend upon our ability to attract and retain senior professionals and other personnel. Our executives have built highly
regarded reputations in the alternative investment industry. Our executives attract business opportunities and assist both in negotiations
with lenders and potential joint venture partners and in the representation of large and institutional clients. If we lost their services,
our relationships with lenders, joint ventures, and clients would diminish significantly.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In addition, some of our
officers have strong regional reputations, and they aid in attracting business, identifying opportunities, and negotiating for us and
on behalf of our clients. As we continue to grow, our success will largely depend on our ability to attract and retain qualified personnel
in all areas of business. We may be unable to continue to hire and retain a sufficient number of qualified personnel to support or keep
pace with our planned growth.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>We may expand into
new investment strategies, geographic markets and businesses, each of which may result in additional risks and uncertainties in our businesses.</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We intend, if market conditions
warrant, to grow our businesses by increasing assets under management in existing businesses and expanding into new investment strategies,
geographic markets and businesses. We may pursue growth through acquisitions of critical business partners or other strategic initiatives,
which may include entering into new lines of business.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Attempts to expand our businesses
involve a number of special risks, including some or all of the following:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">&middot;</font></td><td style="text-align: justify">the
                                            required investment of capital and other resources;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">&middot;</font></td><td style="text-align: justify">the
                                            diversion of management&rsquo;s attention from our core businesses;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">&middot;</font></td><td style="text-align: justify">the
                                            assumption of liabilities in any acquired business;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">&middot;</font></td><td style="text-align: justify">the
                                            disruption of our ongoing businesses;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">&middot;</font></td><td style="text-align: justify">entry
                                            into markets or lines of business in which we may have limited or no experience;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">&middot;</font></td><td style="text-align: justify">increasing
                                            demands on our operational and management systems and controls;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">&middot;</font></td><td style="text-align: justify">compliance
                                            with additional regulatory requirements;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">&middot;</font></td><td style="text-align: justify">potential
                                            increase in investor concentration; and</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">&middot;</font></td><td style="text-align: justify">the
                                            broadening of our geographic footprint, increasing the risks associated with conducting operations
                                            in certain jurisdictions where we currently have no experience.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Entry into certain lines
of business may subject us to new laws and regulations with which we are not familiar, or from which we are currently exempt, and may
lead to increased litigation and regulatory risk. If a new business does not generate sufficient revenues or if we are unable to efficiently
manage our expanded operations, our results of operations will be adversely affected. Our strategic initiatives may include joint ventures,
in which case we will be subject to additional risks and uncertainties in that we may be dependent upon, and subject to liability, losses
or reputational damage relating to systems, controls and personnel that are not under our control. Because we have not yet identified
these potential new investment strategies, geographic markets or lines of business, we cannot identify all of the specific risks we may
face and the potential adverse consequences on us and their investment that may result from any attempted expansion.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>We may not be successful
in competing with companies in the asset management industry and alternative investment industries, some of which may have substantially
greater resources than we do.</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The asset management industry
and alternative investment industries are intensely competitive. We compete primarily on a regional, industry, and asset class basis.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We face competition both
in the pursuit of fund investors and investment opportunities. Generally, our competition varies across business lines, geographies,
and financial markets. We compete for outside investors based on a variety of factors, including investment performance, investor perception
of investment managers&rsquo; drive, focus and alignment of interest, quality of service provided to and duration of relationship with
investors, business reputation, and the level of fees and expenses charged for services.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We compete for investment
opportunities based on a variety of factors, including breadth of market coverage and relationships, access to capital, transaction execution
skills, the range of products and services offered, innovation, and price.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We compete with real estate
funds, specialized funds, hedge fund sponsors, financial institutions, private equity funds, corporate buyers, and other parties. Many
of these competitors are substantially larger and have considerably greater financial, technical, and marketing resources than are available
to us. Many of these competitors have similar investment objectives to ours, which may create additional competition for investment opportunities.
Some of these competitors may also have a lower cost of capital and access to funding sources that are not available to us, which may
create competitive disadvantages for us with respect to investment opportunities. In addition, some of these competitors may have higher
risk tolerances, different risk assessments or lower return thresholds, which could allow them to consider a wider variety of investments
and to bid more aggressively than us for investments that we want to make. Corporate buyers may be able to achieve synergistic cost savings
with regard to an investment that may provide them with a competitive advantage in bidding for an investment.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>If we are unable to
maintain and protect our intellectual property, or if third parties assert that we infringe their intellectual property rights, our business
could suffer.</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our business depends, in
part, on our ability to identify and protect proprietary information and other intellectual property such as our client lists and information
and business methods. We rely on a combination of trade secrets, confidentiality policies, non-disclosure and other contractual arrangements
and copyright and trademark laws to protect our intellectual property rights. However, we may not adequately protect these rights, and
their disclosure to, or use by, third parties may harm our competitive position. Our inability to detect unauthorized use of, or to take
appropriate or timely steps to enforce, our intellectual property rights may harm our business.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Also, third parties may
claim that our business operations infringe on their intellectual property rights. These claims may harm our reputation, cost us money
to defend, distract the attention of our management and prevent us from offering some services.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Confidential intellectual
property is increasingly stored or carried on mobile devices, such as laptop computers, which increases the risk of inadvertent disclosure
where the mobile devices are lost or stolen and the information has not been adequately safeguarded or encrypted. This also makes it
easier for someone with access to our systems, or someone who gains unauthorized access, to steal information and use it to our disadvantage.
Advances in technology, which permit increasingly large amounts of information to be stored on mobile devices or on third-party &ldquo;cloud&rdquo;
servers, may exacerbate these risks.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Security risks and
attacks are common, increasing globally, and may result in significant liabilities.</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our business and our internal
corporate information technology systems have in the past been, and will in the future be, subject to cybersecurity-attacks, credential
stuffing, account takeover attacks, denial or degradation of service attacks, phishing attacks, ransomware attacks, malicious software
programs, supply chain attacks, and other cybersecurity security risks (collectively, &ldquo;cybersecurity risks&rdquo;). Further, we
engage service providers to store and otherwise process some of our and our investor&rsquo;s data, including sensitive and personal information,
and these service providers are also targets of cybersecurity risks.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cybersecurity
risk</font>s have been increasing in frequency and sophistication globally and may be accompanied by demands for payment in exchange
for resolution, restoration of functionality, or return of data. Sources of cybersecurity risks range from individuals to sophisticated
organizations, including state-sponsored actors and organizations. These attackers use a wide variety of methods to exploit vulnerabilities
and gain access to corporate assets, including networks, information, or credentials. The types and methods of cybersecurity risks are
constantly evolving and becoming more complex, and we may not be able to detect, combat, or successfully defend against all cybersecurity
risks. Attackers initiating cybersecurity risks may gain access to our corporate assets. Vulnerabilities in our infrastructure or the
success of any cybersecurity attacker against us may not be discovered in a timely fashion or at all, and the impact may be exacerbated
the longer they remain undetected. While we utilize security measures and architecture designed to protect the integrity of our business
and corporate information technology environment, we remain subject to ongoing and evolving cybersecurity risks, and we anticipate that
we will need to continue expending resources in an effort to protect against cybersecurity risks. There is a risk that we may not be
able to deploy, allocate, or retain sufficient resources to keep pace with the persistent and evolving Cybersecurity threat landscape.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Moreover, several of our
employees work remotely, and many of our vendors and other third parties we engage utilize remote workers in various jurisdictions throughout
the world, which may increase the risk of and susceptibility to cybersecurity risks. We cannot guarantee that remote work environments
and electronic connections to our work environment and information technology systems have the same security profile as those deployed
in our physical offices.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Further, our ability to
monitor the data security of our vendors is limited, and bad actors may successfully circumvent our vendors&rsquo; security measures,
resulting in the unauthorized access to, or misuse, disclosure, loss, or destruction of our Company and/or our investor&rsquo;s data.
Any actual or perceived failure by us or our vendors to prevent or defend against cybersecurity risks, actual or perceived vulnerabilities
or unauthorized access to corporate data or systems may lead to claims against us and may result in significant data loss, significant
costs and liabilities, and could reduce our revenue, harm our reputation, and compromise our competitive position.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Our failure to sufficiently
secure our business and services may result in unauthorized access to investor data, a negative impact on our investor attraction and
retention, and significant liabilities.</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our business systems and
services involve the storage, transmission, and processing of our Company and investors&rsquo; sensitive and proprietary information.
Our failure to sufficiently secure our business and services may result in unauthorized access to investor data, a negative impact on
our investor attraction and retention, and significant liabilities. Even if our security measures are appropriately engineered and implemented
to secure our business and services against external risks, we may be subject to inadvertent disclosures because of inappropriate employee
actions or system misconfigurations. Unauthorized use of or access to investor data could result in the loss and/or compromise of our
or our investors&rsquo; sensitive information, which could lead to litigation, regulatory investigations and claims, indemnity obligations,
reputational harm, and other liabilities.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our agreements with third
parties, including investors, contain contractual commitments related to our information security practices and data privacy compliance.
If we experience an incident that triggers a breach of these contractual commitments, we could be exposed to significant liability or
cancellation of service under these agreements. The damages payable to the counterparty could be substantial and create loss of business.
There can be no assurance that any limitation of liability provisions in our contracts will be enforceable or adequate or will otherwise
protect us from these liabilities or damages with respect to any claim.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Many U.S. and foreign laws
and regulations require companies to provide notice of data security breaches or incidents involving certain types of personal data.
Security compromises experienced by competitors and others may lead to public disclosures, leading to widespread negative publicity.
Such a security compromise in our industry, whether actual or perceived, could harm our reputation; erode investor confidence and negatively
affect our ability to attract new investors; cause existing investors to divest, any or all of which could adversely affect our business
and operating results. Even the perception of inadequate security may damage our reputation and negatively impact our ability to win
new investors and retain existing investors.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Additionally, we could be
required to expend significant capital and other resources to investigate and address any actual or suspected data security incident
or breach. We cannot be sure that insurers will not deny coverage as to any claim, and some security breaches may be outside the scope
of our coverage, including if they are considered force majeure events. Security breaches may result in increased costs for cybersecurity
insurance and could have an adverse effect on our business, operating results, and financial condition.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>We depend on various
cloud service providers operated by third parties, and any service outages, delays, or disruptions in these operations could harm our
business and operating results.</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In our business we use various
cloud service providers (&ldquo;Cloud Providers&rdquo;) operated by third parties. As a result, we are vulnerable to service interruptions,
delays, and outages attributable to their platforms. Our Cloud Providers may experience events such as natural disasters, fires, power
loss, telecommunications failures, or similar events. The systems, infrastructure, and services of our Cloud Providers may also be subject
to human or software errors, viruses, cybersecurity risks, fraud, spikes in usage, break-ins, sabotage, acts of vandalism, acts of terrorism,
and other misconduct. The occurrence of any of the foregoing events could result in lengthy interruptions or delays in and may impact
us via service outages and noncompliance with our contractual obligations or business requirements.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Further, we have experienced
in the past, and may experience in the future, periodic interruptions, delays, and outages in service and availability with our Cloud
Providers due to a variety of factors, including Internet connectivity failures, infrastructure changes, human or software errors, website
hosting disruptions, and capacity constraints.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>If we are unable to
implement and maintain effective internal control over financial reporting in the future, investors may lose confidence in the accuracy
and completeness of our financial reports and the market price of our Class&nbsp;A Common Stock may decline.</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">As a public company, we
are required to maintain internal control over financial reporting and to report any material weaknesses in such internal control. In
addition, in the future, we will be required to furnish a report by management on the effectiveness of our internal control over financial
reporting pursuant to Section&nbsp;404(a)&nbsp;of the Sarbanes-Oxley Act beginning with our annual report on Form&nbsp;10-K for the fiscal
year ending December&nbsp;31, 2024. We are in the process of designing, implementing, and testing our internal control over financial
reporting required to comply with this obligation, which is time consuming, costly, and complicated. In addition, our independent registered
public accounting firm may be required to attest to the effectiveness of our internal control over financial reporting beginning with
our annual report on Form&nbsp;10-K following the date on which we are no longer an &ldquo;emerging growth company,&rdquo; which may
be up to five full years following the date of our initial public offering. If we identify material weaknesses in our internal control
over financial reporting, if we are unable to comply with the requirements of Section&nbsp;404 in a timely manner or assert that our
internal control over financial reporting is not effective, or if our independent registered public accounting firm is unable to express
an opinion as to the effectiveness of our internal control over financial reporting when required, investors may lose confidence in the
accuracy and completeness of our financial reports and the market price of our Class&nbsp;A Common Stock could be negatively affected,
and we could become subject to investigations by the stock exchange on which our securities are listed, the Securities and Exchange Commission,
or other regulatory authorities, which could require additional financial and management resources.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Risks Related to Our Organizational Structure</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>The consolidation
of investment funds or operating businesses of our portfolio companies could make it more difficult to understand the operating performance
of the Company and could create operational risks for the Company.</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Under applicable generally
accepted accounting principles in the United States of America (&ldquo;U.S. GAAP&rdquo;), we may be required to consolidate certain of
our funds, limited liability companies, partnerships or operating businesses if we determine that these entities are variable interest
entities (&ldquo;VIEs&rdquo;) and where we determine that the Company is the primary beneficiary of the VIE. The consolidation of such
entities could make it difficult for an investor to differentiate the assets, liabilities, and results of operations of the Company apart
from the assets, liabilities, and results of operations of the consolidated VIEs. The assets of the consolidated VIEs are not available
to meet our liquidity requirements. As of December&nbsp;31, 2023 and 2022, total assets of our consolidated VIEs reflected in our consolidated
balance sheets were $258.4 million and $254.8 million, respectively, and as of December&nbsp;31, 2023 and 2022, total liabilities of
our consolidated VIEs reflected in our consolidated balance sheets were $169.9 million and $166.0 million, respectively.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Our Bylaws have an
exclusive forum for adjudication of disputes provision which limits the forum to the Delaware Court of Chancery for certain stockholder
litigation matters actions against the Company, which may limit an investor&rsquo;s ability to seek what they regard as a favorable judicial
forum for disputes with the Company or its directors, officers, employees, or stockholders.</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Section&nbsp;7.06(a)&nbsp;of
Article&nbsp;VII of our Bylaws dictates that, unless we consent in writing to the selection of an alternative forum, the Delaware Court
of Chancery (or, if the Delaware Court of Chancery does not have jurisdiction, the federal district court for the State of Delaware)
is, to the fullest extent permitted by law, the sole and exclusive forum for certain actions including derivative action or proceeding
brought on behalf of the Company; an action asserting a breach of fiduciary duty owed by an officer, director, employee or to the stockholders
of the Company; any claim arising under Delaware corporate law, our amended and restated certificate of incorporation or our amended
and restated bylaws; and any action asserting a claim governed by the internal affairs doctrine. Any person or entity purchasing or otherwise
acquiring any interest in shares of capital stock of the Company shall be deemed to have notice of and consented to the provisions of
Section&nbsp;7.06 of Article&nbsp;VII of our Bylaws.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">However, Section&nbsp;7.06(a)&nbsp;of
Article&nbsp;VII of our Bylaws will not apply to suits brought to enforce any liability or duty created by the Securities Exchange Act
of 1934 (the &ldquo;Exchange Act&rdquo;) or any other claim for which the federal courts have exclusive jurisdiction. To the extent that
any such claims may be based upon federal law claims, Section&nbsp;27 of the Exchange Act creates exclusive federal jurisdiction over
all suits brought to enforce any duty or liability created by the Exchange Act or the rules&nbsp;and regulations thereunder.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Furthermore, unless the
Company consents in writing to the selection of an alternative forum, the federal district courts of the United States of America will
be the exclusive forum for the resolution of any complaint asserting a cause of action arising under the Securities Act of 1933, as amended
(the &ldquo;Securities Act&rdquo;), or the rules&nbsp;and regulations promulgated thereunder. We note, however, that Section&nbsp;22
of the Securities Act creates concurrent jurisdiction for federal and state courts over all suits brought to enforce any duty or liability
created by the Securities Act or the rules&nbsp;and regulations thereunder. There is uncertainty as to whether a court would enforce
this provision and that investors cannot waive compliance with the federal securities laws and the rules&nbsp;and regulations thereunder.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">A Delaware corporation is
allowed to mandate in its corporate governance documents a chosen forum for the resolution of state law-based stockholder class actions,
derivative suits and other intra-corporate disputes. With respect to such state law claims, the Company&rsquo;s management believes limiting
state law-based claims to Delaware will provide the most appropriate outcomes as the risk of another forum misapplying Delaware law is
avoided, Delaware courts have a well-developed body of case law and limiting the forum will preclude costly and duplicative litigation
and avoids the risk of inconsistent outcomes. Additionally, Delaware Chancery Courts can typically resolve disputes on an accelerated
schedule when compared to other forums.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The choice of forum provisions
contained in the Company&rsquo;s Bylaws may limit a stockholder&rsquo;s ability to bring a claim in a judicial forum that it finds favorable
for disputes with the Company or any of its directors, officers, other employees or stockholders, which may discourage lawsuits with
respect to such claims. Alternatively, the enforceability of a similar choice of forum provisions in other issuers&rsquo; bylaws and
certificates of incorporation has been challenged in legal proceedings, and it is possible that in connection with any applicable action
brought against the Company, a court could find the choice of forum provisions contained in the Company&rsquo;s Bylaws to be inapplicable
or unenforceable in such action. As a result, the Company could incur additional costs associated with resolving such actions in other
jurisdictions, which could harm the Company&rsquo;s business, operating results and financial condition.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>If we were deemed
to be an &ldquo;investment company&rdquo; under the Investment Company Act, applicable restrictions could make it impractical for us
to continue our businesses as conducted and could have a material adverse effect on our businesses.</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">An entity will generally
be deemed to be an &ldquo;investment company&rdquo; for purposes of the Investment Company Act if:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">&middot;</font></td><td style="text-align: justify">it
                                            is or holds itself out as being engaged primarily, or proposes to engage primarily, in the
                                            business of investing, reinvesting or trading in securities; or</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">&middot;</font></td><td style="text-align: justify">absent
                                            an applicable exemption, it owns or proposes to acquire investment securities having a value
                                            exceeding 40% of the value of its total assets (exclusive of U.S. government securities and
                                            cash items) on an unconsolidated basis.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">&middot;</font></td><td style="text-align: justify">Our
                                            exemptions from the registration requirements of an investment company under the Investment
                                            Company Act are threefold:</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><font style="font-family: Symbol">&middot;</font></td><td style="text-align: justify">Our
                                            parent company does not meet the asset test component of the definition of &ldquo;investment
                                            company&rdquo; under the Investment Company Act as summarized above;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><font style="font-family: Symbol">&middot;</font></td><td style="text-align: justify">Our
                                            investment subsidiaries qualify under the exemption afforded by Section&nbsp;3(c)(5)(C)&nbsp;of
                                            the Investment Company Act; and</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><font style="font-family: Symbol">&middot;</font></td><td style="text-align: justify">Our
                                            intermediate subsidiaries qualify under the exemption afforded by Section&nbsp;3(c)(6)&nbsp;of
                                            the Investment Company Act.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We are engaged primarily
in the business of investing in and providing services for real estate and real estate-related assets and not primarily in the business
of investing, reinvesting, or trading in securities. We hold ourselves out as a vertically integrated alternative asset management firm
and do not propose to engage primarily in the business of investing, reinvesting or trading in securities. Accordingly, we do not believe
that we are required to register as an investment company for purposes of the Investment Company Act. Furthermore, we have no material
assets other than interests in certain wholly owned subsidiaries (within the meaning of the Investment Company Act), which in turn will
have either direct interests in real estate assets or limited liability company member or limited partner partnership interests in affiliated
funds. We do not believe that, based on current rules&nbsp;and interpretations, the equity interests in our wholly owned subsidiaries
or the limited liability company member interests consolidated, or unconsolidated affiliated funds qualify as investment securities under
the Investment Company Act.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Investment Company Act
and the rules&nbsp;thereunder contain detailed parameters for the organization and operation of investment companies. Among other things,
the Investment Company Act and the rules&nbsp;thereunder limit or prohibit transactions with affiliates, impose limitations on the issuance
of debt and equity securities, generally prohibit the issuance of options and impose certain governance requirements. We intend to conduct
our operations so that we will not be deemed to be an investment company under the Investment Company Act. If anything were to happen
that would cause us to be deemed to be an investment company under the Investment Company Act, requirements imposed by the Investment
Company Act, including limitations on capital structure, the ability to transact business with affiliates and the ability to compensate
senior employees, could make it impractical for us to continue our businesses as currently conducted, impair the agreements and arrangements
between and among us, our funds and our senior management, or any combination thereof, and have a material adverse effect on our businesses,
financial condition and results of operations. In addition, we may be required to limit the amount of investments that we make as a principal
or otherwise conduct our businesses in a manner that does not subject us to the registration and other requirements of the Investment
Company Act.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Extensive regulation
of our businesses affects our activities and creates the potential for significant liabilities and penalties. The possibility of increased
regulatory focus could result in additional burdens on our business. Changes in tax law and other legislative or regulatory changes could
adversely affect us.</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our fund management and
ancillary businesses are subject to extensive regulation. We are subject to regulation, including periodic examinations, by governmental
and self-regulatory organizations in the jurisdictions in which we operate. Many of these regulators are empowered to conduct investigations
and administrative proceedings that can result in fines, suspensions of personnel or other sanctions, including censure, the issuance
of cease-and-desist orders or the suspension or expulsion of a broker-dealer or investment adviser from registration or membership. Even
if an investigation or proceeding did not result in a sanction or the sanction imposed against us or our personnel by a regulator were
small in monetary amount, the adverse publicity relating to the investigation, proceeding or imposition of these sanctions could harm
our reputation and cause us to lose existing clients or fail to gain new fund management or financial advisory clients.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In addition, we regularly
rely on exemptions from various requirements of the Securities Act, the Exchange Act, the U.S. Investment Company Act of 1940, as amended,
or the Investment Company Act, and the U.S. Employee Retirement Income Security Act of 1974, as amended, in conducting our fund management
activities. These exemptions are sometimes highly complex and may in certain circumstances depend on compliance by third parties whom
we do not control. If for any reason these exemptions were to become unavailable to us, we could become subject to regulatory action
or third-party claims and our business could be materially and adversely affected. If we were deemed an &ldquo;investment company&rdquo;
under the Investment Company Act, applicable restrictions could make it impractical for us to continue our business as conducted and
could have a material adverse effect on our business.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In addition, we may be adversely
affected by new or revised legislation or regulations imposed by governmental regulatory authorities or self-regulatory organizations
that supervise the financial markets. We also may be adversely affected by changes in the interpretation or enforcement of existing laws
and rules&nbsp;by these governmental authorities and self-regulatory organizations. It is impossible to determine the extent of the impact
of any new laws, regulations or initiatives that may be proposed, or whether any of the proposals will become law. Compliance with any
new laws or regulations could make compliance more difficult and expensive and affect the manner in which we conduct business.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b>Risks Related to this
Offering and Ownership of Our Series&nbsp;AA Preferred Stock</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>There is no present
market for the Series&nbsp;AA Preferred Stock, and we have arbitrarily set the price.</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We have arbitrarily set
the price of the Series&nbsp;AA Preferred Stock with reference to the general status of the securities market and other relevant factors.
The offering price for the Series&nbsp;AA Preferred Stock should not be considered an indication of the actual value of such securities
and is not based on our net worth or prior earnings. Although our Common Stock is quoted on the Nasdaq Capital Market, our Series&nbsp;AA
Preferred Stock will not be eligible for quotation on the over-the-counter market. Accordingly, it will be very difficult for you to
liquidate your shares of Series&nbsp;AA Preferred Stock, and we cannot assure you that such securities could be resold by you at the
price you paid for them or at any other price.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>We are not required
to raise any minimum amount in this offering before we may utilize the funds received in this offering. Investors should be aware that
there is no assurance that any monies beside their own will be invested in this Offering.</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Because there is no minimum
amount of subscriptions which we must receive before accepting funds in the offering, you will not be assured that we will have sufficient
funds to execute our business plan or satisfy its working capital requirements and will bear the risk that we will be unable to secure
the funds necessary to meet our current and anticipated financial obligations.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>This offering is being
conducted on a &ldquo;best efforts&rdquo; basis without a minimum and we may not be able to execute our growth strategy if the $20.0
million maximum is not sold.</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">If you invest in our Series&nbsp;AA
Preferred Stock and less than all of the offered shares of our Series&nbsp;AA Preferred Stock are sold, the risk of losing your entire
investment will be increased. We are offering our Series&nbsp;AA Preferred Stock on a &ldquo;best efforts&rdquo; basis without a minimum,
and we can give no assurance that all of the offered Series&nbsp;AA Preferred Stock will be sold. If less than $20.0 million of Series&nbsp;AA
Preferred Stock shares offered are sold, we may be unable to fund all the intended uses described in this offering circular from the
net proceeds anticipated from this offering without obtaining funds from alternative sources or using working capital that we generate.
Alternative sources of funding may not be available to us at what we consider to be a reasonable cost, and the working capital generated
by us may not be sufficient to fund any uses not financed by offering net proceeds. No assurance can be given to you that any funds will
be invested in this offering other than your own.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>We cannot assure you
that we will be able to pay dividends.</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our ability to pay dividends
on our Series&nbsp;AA Preferred Stock is dependent on our ability to operate profitably and to generate cash from our operations and
the operations of our subsidiaries. We cannot guarantee that we will be able to pay dividends as required by the terms of our Series&nbsp;AA
Preferred Stock.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>We may not have sufficient
cash from our operations to enable us to pay dividends on our Series&nbsp;AA Preferred Stock following the payment of expenses.</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Although dividends on the
Series&nbsp;AA Preferred Stock will be cumulative (but not compounding), our board of directors must approve the actual payment of the
dividends. We will pay monthly dividends on our Series&nbsp;AA Preferred Stock from funds legally available for such purpose when, as
and if declared by our board of directors or any authorized committee thereof. Our board of directors can elect at any time or from time
to time, and for an indefinite duration, not to pay any or all accumulated dividends. Our board of directors could do so for any reason.
We may not have sufficient cash available each quarter to pay dividends. The amount of dividends we can pay depends upon the amount of
cash we generate from and use in our operations, which may fluctuate significantly based on, among other things:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">&middot;</font></td><td style="text-align: justify">the
                                            level of our revenues and our results of operations;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">&middot;</font></td><td style="text-align: justify">prevailing
                                            economic and political conditions;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">&middot;</font></td><td style="text-align: justify">the
                                            effect of governmental regulations on the conduct of our business;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="text-align: justify">our
                                            ability to service and refinance any future indebtedness; and</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">&middot;</font></td><td style="text-align: justify">our
                                            ability to raise additional funds through future offerings of securities to satisfy our capital
                                            needs.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In addition, if payment
of dividends on the Series&nbsp;AA Preferred Stock for any dividend period would cause us to fail to comply with any applicable law,
including the requirement under the Delaware General Corporation Law that dividends be paid out of surplus or net profits, we will not
declare or pay a dividend for such dividend period. Our ability to pay dividends on the Series&nbsp;AA Preferred Stock may also be restricted
or prohibited by the terms of any senior equity securities or indebtedness. The instruments governing the terms or future financings
or refinancing of any borrowings may contain covenants that restrict our ability to pay dividends on the Series&nbsp;AA Preferred Stock.
In the event that the payment of a dividend on the Series&nbsp;AA Preferred Stock would cause us to fail to comply with any applicable
law or would be restricted or prohibited by the terms of any senior equity securities or indebtedness, holders of the Series&nbsp;AA
Preferred Stock will not be entitled to receive any dividend for that dividend period, and the unpaid dividend will cease to accrue or
be payable.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>We cannot assure you
that we will be able to redeem our Series&nbsp;AA Preferred Stock.</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our ability to redeem on
our Series&nbsp;AA Preferred Stock is dependent on our ability to operate profitably and to generate cash from our operations and the
operations of our operating businesses or from raising additional capital. We cannot guarantee that we will be able to redeem our Series&nbsp;AA
Preferred Stock and may only be able to offer investors the ability to convert shares of Series&nbsp;AA Preferred Stock into shares of
our Class&nbsp;A Common Stock.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Our management team
will have broad discretion over the use of the net proceeds from our sale of the units, if any, and you may not agree with how we use
the proceeds and the proceeds may not be invested successfully.</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our management team will
have broad discretion as to the use of the net proceeds from our sale of the shares of Series&nbsp;AA Preferred Stock, if any, and we
could use such proceeds for purposes other than those contemplated at the time of commencement of this offering. Accordingly, you will
be relying on the judgment of our management team with regard to the use of those net proceeds, and you will not have the opportunity,
as part of your investment decision, to assess whether the proceeds are being used appropriately. It is possible that, pending their
use, we may invest those net proceeds in a way that does not yield a favorable, or any, return for us. The failure of our management
team to use such funds effectively could have a material adverse effect on our business, financial condition, operating results and cash
flows.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>We may terminate this
Offering at any time during the Offering period.</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We reserve the right to
terminate this Offering at any time, regardless of the number of shares sold. In the event that we terminate this Offering at any time
prior to the sale of all of the shares offered hereby, whatever amount of capital that we have raised at that time will have already
been utilized by our company and no funds will be returned to subscribers.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>We may issue additional
debt and equity securities, which are senior to our Series&nbsp;AA Preferred Stock as to distributions and in liquidation, which could
materially adversely affect the value of the Series&nbsp;AA Preferred Stock.</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In the future, we may attempt
to increase our capital resources by entering into additional debt or debt-like financing that is secured by all or up to all of our
assets, or issuing debt or equity securities, which could include issuances of commercial paper, medium-term notes, senior notes, subordinated
notes or shares. In the event of our liquidation, our lenders and holders of our debt securities would receive a distribution of our
available assets before distributions to our stockholders. Any preferred securities, if issued by our company, may have a preference
with respect to distributions and upon liquidation that is senior to the preference of the Series&nbsp;AA Preferred Stock, which could
further limit our ability to make distributions to our stockholders. Because our decision to incur debt and issue securities in our future
offerings will depend on market conditions and other factors beyond our control, we cannot predict or estimate the amount, timing or
nature of our future offerings and debt financing.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Further, market conditions
could require us to accept less favorable terms for the issuance of our securities in the future. Thus, you will bear the risk of our
future offerings reducing the value of your Series&nbsp;AA Preferred Stock. In addition, we can change our leverage strategy from time
to time without approval of holders of our Series&nbsp;AA Preferred Stock or Common Stock, which could materially and/or adversely affect
the value of our Series&nbsp;AA Preferred Stock.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>You will not have
a vote or influence on the management of our company.</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">All decisions with respect
to the management of our company will be made exclusively by the officers, directors, managers or employees of our company. You, as an
investor in our Series&nbsp;AA Preferred Stock, have very limited voting rights and will have no ability to vote on issues of company
management and will not have the right or power to take part in the management of our company and will not be represented on the board
of directors of our company. Accordingly, no person should purchase our Series&nbsp;AA Preferred Stock unless he or she is willing to
entrust all aspects of management to our company.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b>Risks Related to the
Ownership of Our Class&nbsp;A Common Stock</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>The dual class structure
of our common stock has the effect of concentrating voting control with our executive officers, which will limit your ability to influence
the outcome of important transactions.</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our Class&nbsp;B common
stock has 10 votes per share and our Class&nbsp;A Common Stock has one vote per share. John C. Loeffler,&nbsp;II, our Chief Executive
Officer, and Jennifer Schrader, our President and Chief Operating Officer, own all of our outstanding shares of Class&nbsp;B common stock.
Together Mr.&nbsp;Loeffler and Ms.&nbsp;Schrader currently exercise approximately 84.2% voting control over the Company as of December&nbsp;31,
2023. As a result, if they act together, these stockholders will be able to exercise significant influence over all matters submitted
to our stockholders for approval, including the election of directors and approval of significant corporate transactions, such as (i)&nbsp;making
changes to our articles of incorporation whether to issue additional common stock and preferred stock, (ii)&nbsp;employment decisions,
including compensation arrangements; and (iii)&nbsp;whether to enter into material transactions with related parties. This control may
adversely affect the market price of our Class&nbsp;A Common Stock.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>We may not be able
to maintain a listing of our Class&nbsp;A Common Stock on Nasdaq.</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our Class&nbsp;A Common
Stock is listed on Nasdaq, and we must meet certain financial and liquidity criteria to maintain such listing. If we violate Nasdaq&rsquo;s
listing requirements, or if we fail to meet any of Nasdaq&rsquo;s listing standards, our Class&nbsp;A Common Stock may be delisted. In
addition, our board of directors may determine that the cost of maintaining our listing on a national securities exchange outweighs the
benefits of such listing. A delisting of our Class&nbsp;A Common Stock from Nasdaq may materially impair our stockholders&rsquo; ability
to buy and sell our Class&nbsp;A Common Stock and could have an adverse effect on the market price of, and the efficiency of the trading
market for, our Class&nbsp;A Common Stock. The delisting of our Class&nbsp;A Common Stock could significantly impair our ability to raise
capital and the value of your investment.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Our share price has
in the past and may in the future fluctuate substantially.</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The market price of our
Class&nbsp;A Common Stock has in the past and could in the future be extremely volatile. From the date of our initial public offering
in May&nbsp;2023 to September&nbsp;30, 2024, the high and low prices of our common stock as quoted on the Nasdaq Capital Market was $13.00
and $0.52, respectively. The future market price of our common stock may be significantly affected by many risk factors listed in this
section, and others beyond our control, including:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">&middot;</font></td><td style="text-align: justify">actual
                                            or anticipated fluctuations in our financial condition and operating results, including fluctuations
                                            in our quarterly and annual results;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">&middot;</font></td><td style="text-align: justify">overall
                                            conditions in our industry and the markets in which we operate or in the economy as a whole;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">&middot;</font></td><td style="text-align: justify">changes
                                            in laws or regulations applicable to our operations;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">&middot;</font></td><td style="text-align: justify">actual
                                            or anticipated changes in our growth rate relative to our competitors;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">&middot;</font></td><td style="text-align: justify">announcements
                                            by us or our competitors of significant acquisitions, strategic partnerships, joint ventures
                                            or capital commitments;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">&middot;</font></td><td style="text-align: justify">additions
                                            or departures of key personnel;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">&middot;</font></td><td style="text-align: justify">issuance
                                            of new or updated research or reports by securities analysts;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">&middot;</font></td><td style="text-align: justify">fluctuations
                                            in the valuation of companies perceived by investors to be comparable to us;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">&middot;</font></td><td style="text-align: justify">litigation
                                            matters;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">&middot;</font></td><td style="text-align: justify">announcement
                                            or expectation of additional financing efforts;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">&middot;</font></td><td style="text-align: justify">sales
                                            of our Class&nbsp;A Common Stock by us or our stockholders;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">&middot;</font></td><td style="text-align: justify">share
                                            price and volume fluctuations attributable to inconsistent trading volume levels of our shares;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">&middot;</font></td><td style="text-align: justify">the
                                            expiration of contractual lock-up agreements with our executive officers, directors and stockholders;
                                            and</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">&middot;</font></td><td style="text-align: justify">general
                                            economic and market conditions.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Furthermore, the stock markets
have experienced price and volume fluctuations that have affected and continue to affect the market prices of equity securities of many
companies. These fluctuations often have been unrelated or disproportionate to the operating performance of those companies. These broad
market and industry fluctuations, as well as general economic, political, and market conditions such as recessions, interest rate changes
or international currency fluctuations, may negatively impact the market price of our Class&nbsp;A Common Stock. In the past, companies
that have experienced volatility in the market price of their stock have been subject to securities class action litigation. We may be
the target of this type of litigation in the future. Securities litigation against us could result in substantial costs and divert our
management&rsquo;s attention from other business concerns, which could seriously harm our business.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Future sales and issuances
of our Class&nbsp;A Common Stock or rights to purchase Class&nbsp;A Common Stock, including pursuant to our equity incentive plans, could
result in additional dilution of the percentage ownership of our stockholders and could cause the stock price of our Class&nbsp;A Common
Stock to decline.</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In the future, we may sell
Common Stock, convertible securities or other equity securities in one or more transactions at prices and in a manner that we determine.
We also expect to issue Class&nbsp;A Common Stock to employees, consultants, and directors pursuant to our equity incentive plans. If
we sell common stock, convertible securities or other equity securities in subsequent transactions, or Class&nbsp;A Common Stock is issued
pursuant to equity incentive plans, investors may be materially diluted. New investors in such subsequent transactions could gain rights,
preferences and privileges senior to those of holders of our Class&nbsp;A Common Stock.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Our disclosure controls
and procedures may not prevent or detect all errors or acts of fraud.</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">As a public company, we
are subject to the periodic reporting requirements of the Exchange Act. We designed our disclosure controls and procedures to provide
reasonable assurance that information we must disclose in reports we file or submit under the Exchange Act is accumulated and communicated
to management, and recorded, processed, summarized and reported within the time periods specified in the rules&nbsp;and forms of the
SEC. We believe that any disclosure controls and procedures, no matter how well-conceived and operated, can provide only reasonable,
not absolute, assurance that the objectives of the control system are met.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">These inherent limitations
include the realities that judgments in decision-making can be faulty, and that breakdowns can occur because of a simple error or mistake.
Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people, or by an unauthorized
override of the controls. Accordingly, because of the inherent limitations in our control system, misstatements due to error or fraud
may occur and not be detected.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>If we fail to implement
and maintain an effective system of internal control, we may be unable to accurately report our operating results, meet our reporting
obligations, or prevent fraud.</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">As a public company, Section&nbsp;404
of the Sarbanes-Oxley Act of 2002 requires that we include a report of management on our internal control over financial reporting in
our annual report on Form&nbsp;10-K, beginning with our annual report for the fiscal year ending December&nbsp;31, 2024. In addition,
once we cease to be an &ldquo;emerging growth company&rdquo; as such term is defined under the JOBS Act, our independent registered public
accounting firm may be required to attest to and report on the effectiveness of our internal control over financial reporting. Our management
may conclude that our internal control over financial reporting is not effective. Moreover, even if our management concludes that our
internal control over financial reporting is effective, our independent registered public accounting firm, after conducting its own independent
testing, may issue a report that is qualified if it is not satisfied with our internal controls or the level at which our controls are
documented, designed, operated or reviewed, or if it interprets the relevant requirements differently from us. In addition, as a public
company, our reporting obligations may place a significant strain on our management, operational and financial resources and systems
for the foreseeable future. We may be unable to timely complete our evaluation testing and any required remediation.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">During the course of documenting
and testing our internal control procedures, in order to satisfy the requirements of Section&nbsp;404 of the Sarbanes-Oxley Act of 2002,
we may identify other weaknesses and deficiencies in our internal control over financial reporting. In addition, if we fail to maintain
the adequacy of our internal control over financial reporting, as these standards are modified, supplemented, or amended from time to
time, we may not be able to conclude on an ongoing basis that we have effective internal control over financial reporting in accordance
with Section&nbsp;404 of the Sarbanes-Oxley Act of 2002. Generally, if we fail to achieve and maintain an effective internal control
environment, we could suffer material misstatements in our financial statements and fail to meet our reporting obligations, which would
likely cause investors to lose confidence in our reported financial information. This could in turn limit our access to capital markets
and harm our results of operations. Additionally, ineffective internal control over financial reporting could expose us to increased
risk of fraud or misuse of corporate assets and subject us to potential delisting from the stock exchange on which we list, regulatory
investigations, and civil or criminal sanctions.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>We are an emerging
growth company, and we cannot be certain if the reduced reporting requirements applicable to emerging growth companies will make our
Class&nbsp;A Common Stock less attractive to investors.</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We are an emerging growth
company, as defined in the JOBS Act. For as long as we continue to be an emerging growth company, we may take advantage of exemptions
from various reporting requirements that are applicable to other public companies that are not emerging growth companies, including not
being required to comply with the auditor attestation requirements of Section&nbsp;404 of the Sarbanes-Oxley Act, reduced disclosure
obligations regarding executive compensation in proxy statements and exemptions from the requirements of holding nonbinding advisory
votes on executive compensation and stockholder approval of any golden parachute payments not previously approved. We could be an emerging
growth company until 2028, although circumstances could cause us to lose that status earlier. We will remain an emerging growth company
until the earlier of (i)&nbsp;the last day of the fiscal year (a)&nbsp;following the fifth anniversary of the completion of our initial
public offering, (b)&nbsp;in which we have total annual gross revenue of at least $1.235 billion or (c)&nbsp;in which we are deemed to
be a large accelerated filer, which requires the market value of our common stock that is held by non-affiliates to exceed $700.0 million
as of the prior June&nbsp;30th, and (ii)&nbsp;the date on which we have issued more than $1.0 billion in non-convertible debt during
the prior three-year period.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Even after we no longer
qualify as an emerging growth company, we may still qualify as a &ldquo;smaller reporting company&rdquo; which would allow us to take
advantage of many of the same exemptions from disclosure requirements including not being required to comply with the auditor attestation
requirements of Section&nbsp;404 of the Sarbanes-Oxley Act and reduced disclosure obligations regarding executive compensation in our
periodic reports and proxy statements. We cannot predict if investors will find our common stock less attractive because we may rely
on these exemptions. If some investors find our common stock less attractive as a result, there may be a less active trading market for
our common stock, and our stock price may be more volatile.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the JOBS Act,</font> emerging growth companies can also delay adopting new or revised accounting standards until such time as those standards
apply to private companies. We have elected to avail ourselves of this exemption and, therefore, we are not subject to the same new or
revised accounting standards as other public companies that are not emerging growth companies. As a result, changes in rules&nbsp;of
U.S. generally accepted accounting principles or their interpretation, the adoption of new guidance or the application of existing guidance
to changes in our business could significantly affect our financial position and results of operations.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>We are a &ldquo;controlled
company&rdquo; within the meaning of the listing rules&nbsp;of Nasdaq and, as a result, can rely on exemptions from certain corporate
governance requirements that provide protection to stockholders of other companies.</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">John C. Loeffler,&nbsp;II,
our Chief Executive Officer, and Jennifer Schrader, our President and Chief Operating Officer, through ownership of all our outstanding
shares of Class&nbsp;B common stock, control a majority of the voting power of our outstanding common stock. As a result, are a &ldquo;controlled
company&rdquo; within the meaning of the corporate governance standards of Nasdaq. Under these rules, a company of which more than 50%
of the voting power is held by an individual, group or another company is a &ldquo;controlled company&rdquo; but may elect not to comply
with certain corporate governance requirements, including:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">&middot;</font></td><td style="text-align: justify">the
                                            requirement that a majority of our Board of Directors consist of &ldquo;independent directors&rdquo;;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">&middot;</font></td><td style="text-align: justify">the
                                            requirement that we have a compensation committee that is composed entirely of independent
                                            directors with a written charter addressing the committee&rsquo;s purpose and responsibilities;
                                            and</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">&middot;</font></td><td style="text-align: justify">the
                                            requirement that we have a nominating and corporate governance committee that is composed
                                            entirely of independent directors with a written charter addressing the committee&rsquo;s
                                            purpose and responsibilities.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Although we do not intend
to rely on the &ldquo;controlled company&rdquo; exemptions to Nasdaq&rsquo;s corporate governance rules, we could elect to rely on these
exemptions in the future. If we elected to rely on the &ldquo;controlled company&rdquo; exemptions, a majority of the members of our
board of directors might not be independent directors, our nominating and corporate governance and compensation committees might not
consist entirely of independent directors, and you would not have the same protection afforded to shareholders of companies that are
subject to Nasdaq&rsquo;s corporate governance rules.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>If securities or industry
analysts do not publish research or publish unfavorable research about our business, our stock price and trading volume could decline.</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The trading market for our
Class&nbsp;A Common Stock will be influenced by the research and reports that industry or securities analysts publish about us or our
business. If one or more of these analysts ceases coverage of our Company or fails to publish reports on us regularly, we could lose
visibility in the financial markets, which in turn could cause our stock price or trading volume to decline. Moreover, if our operating
results do not meet the expectations of the investor community, one or more of the analysts who cover our Company may change their recommendations
regarding our Company, and our stock price could decline.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Our charter documents
and Delaware law and the voting control exercised by our founders could prevent a takeover that stockholders consider favorable and could
also reduce the market price of our stock.</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our third amended and restated
certificate of incorporation and our amended and restated bylaws contain provisions that could delay or prevent a change in control of
our Company. These provisions could also make it more difficult for stockholders to elect directors and take other corporate actions.
These provisions include:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">&middot;</font></td><td style="text-align: justify">authorizing
                                            our board of directors to issue preferred stock with voting or other rights or preferences
                                            that could discourage a takeover attempt or delay changes in control;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">&middot;</font></td><td style="text-align: justify">prohibiting
                                            stockholder action by written consent;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">&middot;</font></td><td style="text-align: justify">limiting
                                            the persons who may call special meetings of stockholders; and</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">&middot;</font></td><td style="text-align: justify">requiring
                                            advance notification of stockholder nominations and proposals.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">These provisions may frustrate
or prevent any attempts by our stockholders to replace or remove our current management by making it more difficult for stockholders
to replace members of our board of directors, which is responsible for appointing the members of our management. In addition, the provisions
of Section&nbsp;203 of the Delaware General Corporate Law (&ldquo;DGCL&rdquo;) govern us. These provisions may prohibit large stockholders,
in particular those owning 15% or more of our outstanding voting stock, from merging or combining with us for a certain period of time
without the consent of our board of directors.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">These and other provisions
in our third amended and restated certificate of incorporation and our amended and restated bylaws and under Delaware law, together with
the voting control possessed by our founders, could discourage potential takeover attempts, reduce the price investors might be willing
to pay in the future for shares of our common stock and result in the market price of our common stock being lower than it would be without
these provisions.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Claims for indemnification
by our directors and officers may reduce our available funds to satisfy successful third-party claims against us and may reduce the amount
of money available to us.</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our third amended and restated
certificate of incorporation and amended and restated bylaws provide that we will indemnify our directors and officers, in each case
to the fullest extent permitted by Delaware law.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In addition, as permitted
by Section&nbsp;145 of the DGCL, our amended and restated bylaws and our indemnification agreements that we have entered into with our
directors and officers provide that:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">&middot;</font></td><td style="text-align: justify">we
                                            will indemnify our directors and officers for serving us in those capacities or for serving
                                            other business enterprises at our request, to the fullest extent permitted by Delaware law.
                                            Delaware law provides that a corporation may indemnify such person if such person acted in
                                            good faith and in a manner such person reasonably believed to be in or not opposed to the
                                            best interests of the registrant and, with respect to any criminal proceeding, had no reasonable
                                            cause to believe such person&rsquo;s conduct was unlawful;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">&middot;</font></td><td style="text-align: justify">we
                                            may, in our discretion, indemnify employees and agents in those circumstances where indemnification
                                            is permitted by applicable law;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">&middot;</font></td><td style="text-align: justify">we
                                            are required to advance expenses, as incurred, to our directors and officers in connection
                                            with defending a proceeding, except that such directors or officers shall undertake to repay
                                            such advances if it is ultimately determined that such person is not entitled to indemnification;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">&middot;</font></td><td style="text-align: justify">we
                                            will not be obligated pursuant to our amended and restated bylaws to indemnify a person with
                                            respect to proceedings initiated by that person against us or our other indemnitees, except
                                            with respect to proceedings authorized by our board of directors or brought to enforce a
                                            right to indemnification;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">&middot;</font></td><td style="text-align: justify">the
                                            rights conferred in our amended and restated bylaws are not exclusive, and we are authorized
                                            to enter into indemnification agreements with our directors, officers, employees and agents
                                            and to obtain insurance to indemnify such persons; and</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">&middot;</font></td><td style="text-align: justify">we
                                            may not retroactively amend our amended and restated bylaw provisions to reduce our indemnification
                                            obligations to directors, officers, employees and agents.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><a name="a5"></a>USE OF PROCEEDS</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We estimate that we will
receive net proceeds of approximately $17.8 if the maximum number of shares of Series AA Preferred Stock being offered are sold after
deducting the estimated sales commissions, managing dealer fees and offering expenses payable by us.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We currently intend that
we may use up to $10.0 million of the net proceeds from this offering to retire outstanding promissory notes; to the extent a lesser
amount of such notes are retired, the remaining amount will be used for general and working capital purposes. Such promissory notes bear
interest at 12%, having due dates between December 2024 and April 2025.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We intend to use the remaining
net proceeds from this offering, if any, for general corporate and working capital purposes.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our participating broker-dealers
will receive (a) selling commissions of 5.0% of gross proceeds on the sale of the Series AA Preferred Stock and (b) a reallowance fee
of up to 1.00% of gross offering proceeds, which commissions and fees may be waived in the sole discretion of the participating broker-dealers.
Our managing dealer will receive (a) a managing dealer fee of up to 1.0% of the gross proceeds of the offering and (b) a wholesaling
fee of up to 1.0% of gross offering proceeds on the sale of the Series AA Preferred Stock or, collectively, Selling Commissions and Expenses.
All Selling Commissions and Expenses will be paid to the participating broker-dealers or ARKap Markets, LLC as our managing dealer, who
may reallow all or any portion of the selling commissions and reallowance to Selling Group Members. Selling Commissions and Expenses
will not exceed 8.0% of the gross proceeds of Series AA Preferred Stock. Total underwriting compensation to be received by or paid to
participating FINRA member brokers or dealers, including commissions, reallowance fee, managing dealer fee, and wholesaling fee will
not exceed 8.0% of proceeds raised with the assistance of those participating FINRA member dealers.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table below
sets forth the uses of proceeds assuming the sale of 25%, 50%, 75% and 100% of the securities offered for sale in this offering by us.
For further discussion, see the section entitled &ldquo;<i>Management&rsquo;s Discussion and Analysis of Financial Condition and Results
of Operations</i>.&rdquo;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">25%
    of Offering<br> Sold</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">50%
    of Offering<br> Sold</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">75%
    of Offering<br> Sold</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">100%
    of<br> Offering Sold</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-decoration: underline; text-align: left">Offering Proceeds</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="width: 44%; font: 10pt Times New Roman, Times, Serif">Shares Sold</td><td style="width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">200,000</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">400,000</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">600,000</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">800,000</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Gross Proceeds</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">5,000,000</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">10,000,000</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">15,000,000</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">20,000,000</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Sales Commissions and Reallowance Fees (%)</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">300,000</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">600,000</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">900,000</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,200,000</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Managing Dealer and Wholesaling Fees
    (%)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">100,000</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">200,000</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">300,000</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">400,000</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Net Proceeds Before Expenses</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right">4,600,000</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right">9,200,000</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right">13,800,000</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right">18,400,000</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-decoration: underline; text-align: left">Offering Expenses</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Legal &amp; Accounting</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">125,000</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">125,000</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">125,000</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">125,000</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif">Publishing/EDGAR</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">5,000</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">5,000</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">5,000</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">5,000</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Transfer Agent</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">5,000</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">5,000</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">5,000</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">5,000</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Total Offering Expenses</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right">135,000</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right">135,000</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right">135,000</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right">135,000</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Amount of Offering Proceeds Available
    for Use</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">4,365,000</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">8,865,000</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">13,365,000</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">17,865,000</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-decoration: underline">Uses</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Repayment
    of Outstanding Promissory Notes</font><font style="font-size: 10pt"><sup>(1)</sup></font></td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">3,000,000</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">7,000,000</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">10,000,000</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">10,000,000</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">General Corporate Purposes</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">1,365,000</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">1,865,000</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">3,365,000</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">7,865,000</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Total Expenditures</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">4,365,000</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">8,865,000</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">13,365,000</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">17,865,000</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt">Net Remaining Proceeds</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  </table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in">(1)</td><td>We currently intend that we may use up to $10.0 million of the net
                                            proceeds from this offering to retire outstanding promissory notes; to the extent a lesser
                                            amount of such notes are retired, the remaining amount will be used for general and working
                                            capital purposes.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of the date of this offering
circular and except as explicitly set forth herein, we cannot specify with certainty all of the particular uses of the net proceeds from
this offering. Pending use of the net proceeds from this offering as described above, we may invest the net proceeds in short-term interest-bearing
investment grade instruments.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The expected use of net proceeds
from this offering represents our intentions based upon our current plans and business conditions, which could change in the future as
our plans and business conditions evolve and change. The amounts and timing of our actual expenditures, specifically with respect to
working capital, may vary significantly depending on numerous factors. As a result, our management will retain broad discretion over
the allocation of the net proceeds from this offering.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The above description of
the anticipated use of proceeds is not binding on us and is merely description of our current intentions. <b>We reserve the right to
change the above use of proceeds if management believes it is in the best interests of our company.</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>HOW TO INVEST</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Who May&nbsp;Invest</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Investors must comply with
the 10% limitation on investment in the offering, as prescribed in Rule&nbsp;251. The only investor in this offering exempt from this
limitation is an accredited investor, an &ldquo;Accredited Investor,&rdquo; as defined under Rule&nbsp;501 of Regulation D.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Determination of Suitability</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Selling Group Members
and registered investment advisors recommending the purchase of Series&nbsp;AA Preferred Stock in this offering have the responsibility
to make every reasonable effort to determine that your purchase of Series&nbsp;AA Preferred Stock in this offering is a suitable and
appropriate investment for you based on information provided by you regarding your financial situation and investment objectives. In
making this determination, these persons have the responsibility to ascertain that you:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">&middot;</font></td><td style="text-align: justify">meet
                                            the minimum income and net worth standards set forth under &ldquo;Plan of Distribution &ndash;
                                            Who May&nbsp;Invest &rdquo; above&#894;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">&middot;</font></td><td style="text-align: justify">can
                                            reasonably benefit from an investment in the Series&nbsp;AA Preferred Stock based on your
                                            overall investment objectives and portfolio structure&#894;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">&middot;</font></td><td style="text-align: justify">are
                                            able to bear the economic risk of the investment based on your overall financial situation&#894;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">&middot;</font></td><td style="text-align: justify">are
                                            in a financial position appropriate to enable you to realize to a significant extent the
                                            benefits described in this offering circular of an investment in the Series&nbsp;AA Preferred
                                            Stock&#894; and</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">&middot;</font></td><td style="text-align: justify">have
                                            apparent understanding of:</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Symbol">&middot;</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
fundamental risks of the investment&#894;&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Symbol">&middot;</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
risk that you may lose your entire investment&#894;&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Symbol">&middot;</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
lack of liquidity of the Series&nbsp;AA Preferred Stock&#894;&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Symbol">&middot;</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
restrictions on transferability of the Series&nbsp;AA Preferred Stock&#894; and</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Symbol">&middot;</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
tax consequences of your investment</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Subscription Agreement</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All investors will be required to complete
and execute a subscription agreement in the form included as an exhibit to this offering circular. Subscription agreements may be submitted
in paper form and should be delivered to UMB Bank, N.A., Attn: Lara Stevens, Corporate Trust &amp; Escrow Services, 928 Grand Blvd, 12th
Fl, Kansas City, MO 64106. Subscriptions may also be submitted electronically, if electronic subscription agreements and signature are
made available to you by your registered representative or financial adviser. Generally, when submitting a subscription agreement electronically,
a prospective investor will be required to agree to various terms and conditions by checking boxes and to review and electronically sign
any necessary documents. You may pay the purchase price by check, ACH or wire of your subscription purchase price in accordance with
the instructions in the subscription agreement. All checks should be made payable to &ldquo;UMB Bank Escrow Agent for CaliberCos Inc.&rdquo;
We will hold closings on the first and third Thursday of each month assuming there are funds to close.</p>




<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Once a subscription has been submitted and accepted
by the Company, an investor will not have the right to request the return of its subscription payment prior to the next closing date.
If subscriptions are received on a closing date and accepted by the Company prior to such closing, any such subscriptions will be closed
on that closing date. If subscriptions are received on a closing date but not accepted by the Company prior to such closing, any such
subscriptions will be closed on the next closing date. It is expected that settlement will occur two business days following each closing
date. Two business days after the closing date, offering proceeds for that closing will be disbursed to us and the Series&nbsp;AA Preferred
Stock will be issued to the investors in the offering. If the Company is dissolved or liquidated after the acceptance of a subscription,
the respective subscription payment will be returned to the subscriber.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">By completing and executing your subscription
agreement you will also acknowledge and represent that you have received a copy of this offering circular, your rights and responsibilities
regarding your Series&nbsp;AA Preferred Stock will be governed by the offering circular.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Book-Entry, Transfer Agent and DTC</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have engaged ClearTrust LLC as the transfer
agent for this offering. Shares of Series AA Preferred Stock are issued to investors in book-entry only format. The transfer agent will
record and maintain records of the shares of Series AA Preferred Stock issued by us.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We intend to gain eligibility for the shares
of Series AA Preferred Stock to be issued and held through the book-entry systems and procedures of Depository Trust Corporation, or
 &ldquo;DTC&rdquo;, and intend for all shares of Series AA Preferred Stock purchased through DTC participants to be held via DTC&rsquo;s
book-entry systems and to be held in the name of DTC, or its nominee, Cede &amp; Co. (DTC&rsquo;s nominee) on the books of the transfer
agent.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">So long as DTC, or its nominee, Cede &amp;
Co., is the registered owner of the shares of Series AA Preferred Stock purchased through DTC participants, such nominee will be considered
the sole owner and holder of those shares of Series AA Preferred Stock for all purposes. Owners of beneficial interests in those shares
of Series AA Preferred Stock will not be entitled to have the shares of Series AA Preferred Stock registered in their names and will
not be considered the owners or holders of the shares of Series AA Preferred Stock, including for purposes of receiving any reports delivered
by us. Accordingly, each person owning a beneficial interest in a share of Series AA Preferred Stock registered to DTC or its nominee
must rely on either the procedures of DTC or its nominee in order to exercise any rights of a holder of shares of Series AA Preferred
Stock.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As a result:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="text-align: justify">all
                                            references in this offering circular to actions taken either by holders of our Series AA
                                            Preferred Stock will refer to actions taken by holders of Series AA Preferred Stock who have
                                            not purchased their shares of Series AA Preferred Stock through a DTC participant or by DTC
                                            upon instructions from its direct participants; and</td></tr>
<tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="text-align: justify">all
                                            references in this offering circular to payments and notices to holders of Series AA Preferred
                                            Stock will refer either to (i) payments and notices to DTC or Cede &amp; Co. for distribution
                                            to you in accordance with DTC procedures, or (ii) or payments or notices to holders of Series
                                            AA Preferred Stock who have not purchased their units through a DTC participant.</td></tr></table>

<p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">DTC is required to make book-entry transfers
on behalf of its direct participants and is required to receive and transmit payments of principal, premium, if any, and dividends on
the Series AA Preferred Stock. Any direct participant or indirect participant with which you have an account is similarly required to
make book-entry transfers and to receive and transmit payments with respect to the Series AA Preferred Stock on your behalf. We have
no responsibility for any aspect of the actions of DTC or any of its direct or indirect participants. In addition, we have no responsibility
or liability for any aspect of the records kept by DTC or any of its direct or indirect participants relating to or payments made on
account of beneficial ownership interests in the Series AA Preferred Stock or for maintaining, supervising or reviewing any records relating
to such beneficial ownership interests. We also do not supervise these systems in any way.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">You can only exercise the rights of a Series
AA Preferred Stock holder indirectly through DTC and its direct participants, as applicable. DTC has advised us that it will only take
action regarding Series AA Preferred Stock if one or more of the direct participants to whom the Series AA Preferred Stock is credited
directs DTC to take such action and only in respect of the portion of the aggregate amount of the Series AA Preferred Stock as to which
that participant or participants has or have given that direction. DTC can only act on behalf of its direct participants. Your ability
to pledge Series AA Preferred Stock, and to take other actions, may be limited because you will not possess a physical certificate that
represents your Series AA Preferred Stock.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the global shares certificate representing
Series AA Preferred Stock is held by DTC, conveyance of notices and other communications to the beneficial owners, and vice versa, will
occur via DTC. The issuer will communicate directly with DTC. DTC will then communicate to direct participants. The direct participants
will communicate with the indirect participants, if any. Then, direct participants and indirect participants will communicate to beneficial
owners. Such communications will be governed by arrangements among them, subject to any statutory or regulatory requirements as may be
in effect from time to time.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>The Depository Trust Company</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have obtained the information in this section
concerning DTC and its book-entry systems and procedures from sources that we believe to be reliable. The description of the clearing
system in this section reflects our understanding of the rules&nbsp;and procedures of DTC as they are currently in effect. DTC could
change its rules&nbsp;and procedures at any time.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">DTC will act as securities depositary for the VIP Bonds registered
in the name of its nominee, Cede&nbsp;&amp; Co. DTC is:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td>a
                                            limited-purpose trust company organized under the New York Banking Law;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td>a
                                            &ldquo;banking organization&rdquo; under the New York Banking Law;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td>a
                                            member of the Federal Reserve System;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td>a
                                            &ldquo;clearing corporation&rdquo; under the New York Uniform Commercial Code; and</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td>a
                                            &ldquo;clearing agency&rdquo; registered under the provisions of Section&nbsp;17A of the
                                            Exchange Act.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">DTC holds securities that its direct participants
deposit with DTC. DTC facilitates the settlement among direct participants of securities transactions, such as transfers and pledges,
in deposited securities through electronic computerized book-entry changes in direct participants&rsquo; accounts, thereby eliminating
the need for physical movement of securities certificates.&nbsp;</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">Direct participants of DTC include securities
brokers and dealers, banks, trust companies, clearing corporations and certain other organizations. DTC is owned by a number of its direct
participants. Indirect participants of DTC, such as securities brokers and dealers, banks, and trust companies, can also access the DTC
system if they maintain a custodial relationship with a direct participant.</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Purchases of Series&nbsp;AA Preferred Stock under
DTC&rsquo;s system must be made by or through direct participants, which will receive a credit for the Series&nbsp;AA Preferred Stock
on DTC&rsquo;s records. The ownership interest of each beneficial owner is in turn to be recorded on the records of direct participants
and indirect participants. Beneficial owners will not receive written confirmation from DTC of their purchase, but beneficial owners
are expected to receive written confirmations providing details of the transaction, as well as periodic statements of their holdings,
from the direct participants or indirect participants through which such beneficial owners entered into the transaction. Transfers of
ownership interests in the Series&nbsp;AA Preferred Stock are to be accomplished by entries made on the books of participants acting
on behalf of beneficial owners. Beneficial owners will not receive certificates representing their ownership interests in Series&nbsp;AA
Preferred Stock.&nbsp;</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Conveyance of notices and other communications
by DTC to direct participants, by direct participants to indirect participants and by direct participants and indirect participants to
beneficial owners will be governed by arrangements among them, subject to any statutory or regulatory requirements as may be in effect
from time to time.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Registrar and Paying Agent</b></p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have designated ClearTrust LLC as paying
agent. ClearTrust LLC will also act as registrar for the Series AA Preferred Stock. As such, ClearTrust LLC will make payments on the
Series AA Preferred Stock to the holders of Series AA Preferred Stock, if such holders are holders of record on the books of our transfer
agent, or to Cede &amp; Co., as nominee of DTC, if the shares of Series AA Preferred Stock are purchased through DTC participants and
held in the name of DTC, or its nominee, Cede &amp; Co. (DTC&rsquo;s nominee) on the books of the transfer agent. . The Series AA Preferred
Stock will be issued in book-entry form only.</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Arkadios Capital LLC (&ldquo;Arkadios&rdquo;)</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Arkadios
will serve as the trading agent for the offering. Arkadios is not making a market for, utilizing an ATS to trade, or engaging to distribute
this offering. Arkadios will affect DTC trades for selling group members who choose to transact electronically through the DTC system.
The Company or ARKap Markets LLC, as the managing dealer, will aggregate trading instructions (subscriptions) which will then be sent
to Arkadios for execution. Arkadios will coordinate with ClearTrust LLC to allocate the requested Series AA Preferred Stock for purchase
by the selling group members and distribute accordingly. Arkadios will not take a position in the offering outside of the purposes of
affecting trades, unless they themselves are participating in the selling group and have trade requests from their clients. As a trading
agent, Arkadios&rsquo;s role is entirely operational, and it is only compensated based on the volume transacted on the DTC platform;
paid as a reallowance of the managing dealer fee.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><a name="a6"></a>DETERMINATION OF OFFERING
PRICE</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There is no trading market for our Series&nbsp;AA
Preferred Stock, and we do not expect any trading market to develop for the Series&nbsp;AA Preferred Stock. The Series&nbsp;AA Preferred
Stock will be sold at $25.00 per share and it is expected that we will either redeem the Series&nbsp;AA Preferred Stock at a redemption
price equal to 100% of such original issue price, plus accrued dividends thereon, or that holders of the Series&nbsp;AA Preferred Stock
will exercise their right to request that we redeem or repurchase the Series&nbsp;AA Preferred Stock at a redemption or repurchase price
equal to 100% of such original issue price, plus accrued dividends thereon, and less certain redemption fees payable if shares are redeemed
in the first three years. Accordingly, the $25.00 price per share of Series&nbsp;AA Preferred Stock is arbitrary and represents the amount
of investment made by an investor for purposes of determining the redemption and repurchase price. The principal factors considered in
determining the initial public offering price include:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">&middot;</font></td><td style="text-align: justify">the
                                            information set forth in this offering circular;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">&middot;</font></td><td style="text-align: justify">our
                                            history and prospects and the history of and prospects for the industry in which we compete;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">&middot;</font></td><td style="text-align: justify">our
                                            past and present financial performance;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">&middot;</font></td><td style="text-align: justify">our
                                            prospects for the future earnings and the present state of our development;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">&middot;</font></td><td style="text-align: justify">the
                                            general condition of the securities markets at the time of this offering;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">&middot;</font></td><td style="text-align: justify">the
                                            recent market price of, and demand for, publicly traded common stock of generally comparable
                                            companies; and</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">&middot;</font></td><td style="text-align: justify">other
                                            factors deemed relevant by us.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><a name="a7"></a>DIVIDEND POLICY</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Dividends on our Series&nbsp;AA
Preferred Stock being offered will be cumulative and payable monthly in arrears to all holders of record on the applicable record date.
Holders of our Series&nbsp;AA Preferred Stock will be entitled to receive cumulative monthly cash dividends at a per annum rate of 9.5%
of the stated value of the Series&nbsp;AA Preferred Stock (or $0.198 per share each month based on the initial stated value). Dividends
on each share of Series&nbsp;AA Preferred Stock will begin accruing on, and will be cumulative from, the date of issuance and regardless
of whether our board of directors declares and pays such dividends. Holders of our Series&nbsp;A Preferred Stock as of the applicable
record date will be entitled to receive non-cumulative dividends payable annually, at the Company&rsquo;s option, (i)&nbsp;in cash or
(ii)&nbsp;in shares of the Company&rsquo;s Class&nbsp;A common stock, at a price per share of Class&nbsp;A Common Stock equal to the
lower of (A)&nbsp;the average closing price of Class&nbsp;A Common Stock as quoted on the principal trading market, if any, in which
the shares of Class&nbsp;A Common Stock then trade (&ldquo;Principal Market&rdquo;) for the five trading days immediately preceding the
date of issuance, or (B)&nbsp;the closing price of the Class&nbsp;A Common Stock as quoted on the Principal Market on the trading day
prior to the date of issuance, but in no event less than $1.00 per share. If our certificate of incorporation, provisions of Delaware
law or our borrowing agreements prohibit us from paying dividends, unpaid dividends will accumulate.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our anticipated source of
funds to pay the cumulative dividends for our Series&nbsp;AA Preferred Stock and non-cumulative dividends for our Series&nbsp;A Preferred
Stock will be from net operating income, retained earnings and the proceeds of the refinancing of our other indebtedness. We believe
that our net operating income will increase as we deploy the funds raised in this offering in a manner consistent with the use of proceeds
described in this offering circular. We expect that our retained earnings will increase as we increase net operating income, and we expect
to refinance other indebtedness on our properties based upon our increased net operating income and then use the proceeds of such refinancings
along with our retained earnings to repay investors.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">See also &ldquo;<i>Risk Factors&mdash;Risks
Related to this Offering and Ownership of Our Series&nbsp;AA Preferred Stock&mdash;We cannot assure you that we will be able to pay dividends</i>.&rdquo;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have never declared dividends
or paid cash dividends on our Common Stock. Our board of directors will make any future decisions regarding dividends. We currently intend
to retain and use any future earnings for the development and expansion of our business and do not anticipate paying any cash dividends
in the near future. Our board of directors has complete discretion on whether to pay dividends. Even if our board of directors decides
to pay dividends, the form, frequency and amount will depend upon our future operations and earnings, capital requirements and surplus,
general financial condition, contractual restrictions and other factors that the board of directors may deem relevant.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><a name="a8"></a>MARKET FOR COMMON EQUITY AND
RELATED STOCKHOLDER MATTERS</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Market Information</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our Class&nbsp;A Common Stock
is quoted on the Nasdaq Capital Market under the symbol &ldquo;CWD.&rdquo; The following table sets forth, for the periods indicated,
the high and low closing prices of our Class&nbsp;A Common Stock. These prices reflect inter-dealer prices, without retain mark-up or
commission, and may not represent actual transactions.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom; background-color: white">
    <td>&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: black 1pt solid">&nbsp;</td>
    <td colspan="5" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Closing Prices</b></font></td></tr>
  <tr style="vertical-align: bottom; background-color: white">
    <td style="text-align: center">&nbsp;</td>
    <td style="padding-bottom: 1pt; text-align: center">&nbsp;</td>
    <td style="border-bottom: black 1pt solid; text-align: center">&nbsp;</td>
    <td style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>High</b></font></td>
    <td style="padding-bottom: 1pt; text-align: center">&nbsp;</td>
    <td style="border-bottom: black 1pt solid; text-align: center">&nbsp;</td>
    <td style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Low</b></font></td>
    <td style="border-bottom: black 1pt solid; padding-bottom: 1pt; text-align: center">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td><font style="font-size: 10pt"><b><i>Fiscal Year Ending December&nbsp;31, 2024</i></b></font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: white">
    <td style="width: 75%"><font style="font-size: 10pt">1st Quarter</font></td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%"><font style="font-size: 10pt">$</font></td>
    <td style="width: 10%; text-align: right"><font style="font-size: 10pt">1.46</font></td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%"><font style="font-size: 10pt">$</font></td>
    <td style="width: 10%; text-align: right"><font style="font-size: 10pt">0.90</font></td>
    <td style="width: 1%">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td><font style="font-size: 10pt">2nd Quarter</font></td>
    <td>&nbsp;</td>
    <td><font style="font-size: 10pt">$</font></td>
    <td style="text-align: right"><font style="font-size: 10pt">1.03</font></td>
    <td>&nbsp;</td>
    <td><font style="font-size: 10pt">$</font></td>
    <td style="text-align: right"><font style="font-size: 10pt">0.79</font></td>
    <td>&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: white">
    <td><font style="font-size: 10pt">3rd Quarter</font></td>
    <td>&nbsp;</td>
    <td><font style="font-size: 10pt">$</font></td>
    <td style="text-align: right"><font style="font-size: 10pt">0.86</font></td>
    <td>&nbsp;</td>
    <td><font style="font-size: 10pt">$</font></td>
    <td style="text-align: right"><font style="font-size: 10pt">0.52</font></td>
    <td>&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td><font style="font-size: 10pt">4th Quarter</font></td>
    <td>&nbsp;</td>
    <td><font style="font-size: 10pt">$</font></td>
    <td style="text-align: right"><font style="font-size: 10pt">0.71</font></td>
    <td>&nbsp;</td>
    <td><font style="font-size: 10pt">$</font></td>
    <td style="text-align: right"><font style="font-size: 10pt">0.44</font></td>
    <td>&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: white">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td><font style="font-size: 10pt"><b><i>Fiscal Year Ended December&nbsp;31, 2023</i></b></font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="background-color: white"><font style="font-size: 10pt">2nd Quarter</font></td>
    <td style="background-color: white">&nbsp;</td>
    <td><font style="font-size: 10pt">$</font></td>
    <td style="text-align: right"><font style="font-size: 10pt">7.70</font></td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white"><font style="font-size: 10pt">$</font></td>
    <td style="background-color: white; text-align: right"><font style="font-size: 10pt">1.85</font></td>
    <td style="background-color: white">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td><font style="font-size: 10pt">3rd Quarter</font></td>
    <td>&nbsp;</td>
    <td><font style="font-size: 10pt">$</font></td>
    <td style="text-align: right"><font style="font-size: 10pt">2.14</font></td>
    <td>&nbsp;</td>
    <td><font style="font-size: 10pt">$</font></td>
    <td style="text-align: right"><font style="font-size: 10pt">1.25</font></td>
    <td>&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: white">
    <td><font style="font-size: 10pt">4th Quarter</font></td>
    <td>&nbsp;</td>
    <td><font style="font-size: 10pt">$</font></td>
    <td style="text-align: right"><font style="font-size: 10pt">1.74</font></td>
    <td>&nbsp;</td>
    <td><font style="font-size: 10pt">$</font></td>
    <td style="text-align: right"><font style="font-size: 10pt">1.29</font></td>
    <td>&nbsp;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Holders</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of March 3, 2025, there
were approximately 1,508 registered holders of our Class&nbsp;A Common Stock. This number excludes the shares owned by stockholders holding
shares under nominee security position listings.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #1d1c1d"><b><a name="a9"></a>MANAGEMENT&rsquo;S
DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>The following management&rsquo;s
discussion and analysis of financial condition and results of operations provides information that management believes is relevant to
an assessment and understanding of our plans and financial condition. The following selected financial information is derived from our
historical financial statements should be read in conjunction with such financial statements and notes thereto set forth elsewhere herein
and the &ldquo;Cautionary Note Regarding Forward-Looking Statements&rdquo; explanation included herein.</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Overview</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Over the past 15 years,
Caliber has grown into a leading diversified alternative asset management firm, managing more than $2.9 billion in assets under management
(&ldquo;AUM&rdquo;) and assets under development (&ldquo;AUD&rdquo;). Caliber&rsquo;s primary goal is to enhance the wealth of accredited
investors seeking to make investments in middle-market assets. We strive to build wealth for our clients by creating, managing, and servicing
middle-market investment funds, private syndications, and direct investments. Through our funds, we invest primarily in real estate,
private equity, and debt facilities. We market and fundraise to direct channels and to wholesale channels.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We believe that we provide
investors attractive risk-adjusted returns by offering a balance of (i)&nbsp;structured offerings and ease of ownership, (ii)&nbsp;a
pipeline of investment opportunities, primarily projects that range in value between $5.0 million and $50.0 million, and (iii)&nbsp;an
integrated execution and processing platform. Our investment strategy leverages the local market intelligence and real-time data we gain
from our operations to evaluate current investments, generate proprietary transaction flow, and implement various asset management strategies.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">As an alternative asset
manager, we offer a full suite of support services and employ a vertically integrated approach to investment management. Our asset management
activities are complemented with transaction and advisory services including development and construction management, acquisition and
disposition expertise, and fund formation, which we believe differentiate us from other asset management firms. We earn the following
fees from providing these services under our asset management platform:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="text-align: justify">Fund
                                            set-up fees are a one-time fee for the initial formation, administration, and set-up of fund
                                            products we distribute and manage. These fees are recognized at the point in time when the
                                            performance under the contract is complete.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">&middot;</font></td><td style="text-align: justify">Fund
                                            management fees are generally based on 1.0% to 1.5% of the unreturned capital contributions
                                            in a particular fund and include reimbursement for costs incurred on behalf of the fund,
                                            including an allocation of certain overhead costs. These customer contracts require the Company
                                            to provide management services, representing a performance obligation that the Company satisfies
                                            over time. With respect to the Caliber Hospitality Trust, the Company earns a fund management
                                            fee of 0.70% of the Caliber Hospitality Trust&rsquo;s enterprise value and is reimbursed
                                            for certain costs incurred on behalf of the Caliber Hospitality Trust.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">&middot;</font></td><td style="text-align: justify">Financing
                                            fees are earned for services the Company performs in securing third-party financing on behalf
                                            of our private equity real estate funds. These fees are recognized at the point in time when
                                            the performance under the contract is complete, which is essentially upon closing of a loan.
                                            In addition, the Company earns fees for guaranteeing certain loans, representing a performance
                                            obligation that the Company satisfies over time.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">&middot;</font></td><td style="text-align: justify">Real
                                            estate development revenues are generally based on 4.0% of the total expected costs of the
                                            development or 4.0% of the total expected costs of the construction project for services
                                            performed as the principal developer, which include managing and supervising third-party
                                            developers and general contractors with respect to the development of the properties owned
                                            by the funds. Prior to the commencement of construction, development fee revenue is recognized
                                            at a point in time as the related performance obligations are satisfied and the customer
                                            obtains control of the promised service, including negotiation, due diligence, entitlements,
                                            planning, and design activities. During the construction period, development fee revenue
                                            is recognized over time as the performance obligations are satisfied.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">&middot;</font></td><td style="text-align: justify">Brokerage
                                            fees are earned at a point in time at fixed rates for services performed related to acquisitions,
                                            dispositions, leasing, and financing transactions.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">&middot;</font></td><td style="text-align: justify">Performance
                                            allocations are an arrangement in which we are entitled to an allocation of investment returns,
                                            generated within the investment funds which we manage, based on a contractual formula. We
                                            typically receive 15.0% to 35.0%, of all cash distributions from (i)&nbsp;the operating cash
                                            flow of each fund, after payment to the related fund investors of any accumulated and unpaid
                                            priority preferred returns and repayment of preferred capital contributions; and (ii)&nbsp;the
                                            cash flow resulting from the sale or refinance of any real estate assets held by each fund,
                                            after payment to the related fund investors of any accumulated and unpaid priority preferred
                                            returns and repayment of initial preferred capital contributions. Our funds&rsquo; preferred
                                            returns range from 6.0% to 12.0%, typically 6.0% for common equity or 10.0% to 12.0% for
                                            preferred equity, which does not participate in profits. Performance allocations are related
                                            to services which have been provided and are recognized when it is determined that they are
                                            no longer probable of significant reversal, which is generally satisfied when an underlying
                                            fund investment is realized or sold.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Historically, the Company&rsquo;s
operations were organized into three reportable segments: fund management, development, and brokerage. During the year ended December&nbsp;31,
2023, the Company reevaluated its reportable segments, considering (i)&nbsp;the evolution of the Company after closing its initial public
offering and how the Company&rsquo;s chief operating decision maker (&ldquo;CODM&rdquo;), the Company&rsquo;s Chief Executive Officer,
assesses performance and allocates resources, (ii)&nbsp;changes to the budgeting process and in key personnel driven by the Company&rsquo;s
growth initiatives, and (iii)&nbsp;how management reports ongoing company performance to the Board of Directors. With the evolution and
growth of the Company, the Company&rsquo;s CODM assesses performance and resource allocation on an aggregate basis under the Company&rsquo;s
asset management platform, and no longer reviews operating results for development or brokerage activity separately. As such, management
concluded that the Company operates through one operating segment.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company&rsquo;s CODM
assesses revenue, operating expenses and key operating statistics to evaluate performance and allocate resources on a basis that eliminates
the impact of the consolidated investment funds (intercompany eliminations required by U.S. GAAP) and noncontrolling interests. Management
concluded that the consolidated investment funds do not meet the requirements in ASC 280, Segment Reporting, of operating segments, as
the Company&rsquo;s CODM does not review the operating results of these investment funds for the purposes of allocating resources, assessing
performance or determining whether additional investments or advances will be made to these funds. The investment funds are consolidated
based on the requirement in ASC 810, Consolidation, as the Company was determined to be the primary beneficiary of each of these variable
interest entities since it has the power to direct the activities of the entities and the right to absorb losses, generally in the form
of guarantees of indebtedness that are significant to the individual investment funds.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Caliber was originally founded
as Caliber Companies, LLC, an Arizona limited liability company, organized under the laws of Arizona, and commenced operations in January&nbsp;2009.
In November&nbsp;2014, the Company was reorganized as a Nevada corporation and in June&nbsp;2018, we reincorporated in the state of Delaware.
On our website we make available, free of charge, information about the Company and its&rsquo; investments. None of the information on
our website is deemed to be part of this report.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Trends Affecting Our Business</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; color: #231f20">Our business
is driven by trends which affect the following:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1)</font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Capital
                                            formation:</b>&nbsp;</font>any trend which increases or decreases investors&rsquo; knowledge
                                            of alternative investments, desire to acquire them, access to acquire them, and knowledge
                                            and appreciation of Caliber as a potential provider, will affect our ability to attract and
                                            raise new capital. Capital formation also drives investment acquisitions, which contribute
                                            to Caliber&rsquo;s revenues.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<!-- Field: Split-Segment; Name: 1 -->
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">2)</td><td style="text-align: justify"><b>Investment acquisition:</b>&nbsp;any
                                            trend which increases or decreases the supply of middle-market real estate projects or loans,
                                            the accessibility of developments or development incentives, or enhances or detracts from
                                            Caliber&rsquo;s ability to access those projects will affect our ability to generate revenue.
                                            Coincidentally, investment acquisitions, or the rights to acquire an investment, drive capital
                                            formation &ndash; creating a flywheel effect for Caliber.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3)</font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Project
                                            execution:</b>&nbsp;</font>any trend which increases or decreases the costs of execution
                                            on a real estate project, including materials pricing, labor pricing, access to materials,
                                            delays due to governmental action, and the general labor market, will affect Caliber&rsquo;s
                                            ability to generate revenues.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our business depends in
large part on our ability to raise capital for our funds from investors. Since our inception, we have continued to successfully raise
capital into our funds with our total capital raised through September&nbsp;30, 2024 of approximately $710.5 million. Our success at
raising new capital into our funds is impacted by the extent to which new investors see alternative assets as a viable option for capital
appreciation and/or income generation. Since our ability to raise new capital into our funds is dependent upon the availability and willingness
of investors to direct their investment dollars into our products, our financial performance is sensitive in part to changes in overall
economic conditions that affect investment behaviors. The demand from investors is dependent upon the type of asset, the type of return
it will generate (current cash flow, long-term capital gains, or both) and the actual return earned by our fund investors relative to
other comparable or substitute products. General economic factors and conditions, including the general interest rate environment and
unemployment rates, may affect an investor&rsquo;s ability and desire to invest in real estate. For example, a significant interest rate
increase could cause a projected rate of return to be insufficient after considering other risk exposures. Additionally, if weakness
in the economy emerges and actual or expected default rates increase, investors in our funds may delay or reduce their investments; however,
we believe our approach to investing and the capabilities that Caliber manages throughout the deal cycle will continue to offer an attractive
value proposition to investors.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In June&nbsp;2023, the United
States of America&rsquo;s House of Representatives unanimously approved legislation that would increase the number of investors who can
participate in private offerings of securities by expanding the accredited investor criteria. The Fair Investment Opportunities for Professional
Experts Act would expand the definition of accredited investor to include people with certain licenses, education or professional experience.
The Accredited Investor Definition Review Act would give the SEC discretion to determine the certifications, designations or credentials
investors must possess to be accredited and directs the SEC to review the accredited investor definition every five years. We believe
these government actions will increase the size of our potential investor base significantly, however we cannot yet assess the number
of newly accredited investors that would have the ability or interest to invest in a Caliber fund.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">While we have had historical
successes, there can be no assurance that fundraising for our new and existing funds will experience similar success. If we were unable
to raise such capital, we would be unable to deploy such capital into investments, which would materially reduce our revenues and cash
flow and adversely affect our financial condition.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We remain confident about
our ability to find, identify, and source new investment opportunities that meet the requirements and return profile of our investment
funds despite headwinds associated with increased asset valuations, competition and increased overall cost of credit. We continue to
identify strategic acquisitions on off-market terms and anticipate that this trend will continue. We are at a point in our investment
cycle where some of our funds have begun to exit significant parts of their portfolios while other are approaching a potential harvesting
phase. We have complemented these cycles with other newer funds that will maintain management fees while providing continued sources
of activity.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In February&nbsp;2023, we
expanded our access to institutional capital by entering into an agreement with Skyway Capital Markets to serve as a managing broker-dealer
for our primary investment products. The agreement designates Skyway to assist us to raise capital primarily from third party broker-dealers
and registered investment advisors, many of which have an existing business relationship with Skyway. Skyway will assist us in our efforts
to hire, train and manage a national wholesaling team, secure selling agreements, and provide appropriate due diligence to advisors distributing
our funds. Our current managing broker-dealer will remain engaged with us to supervise and manage our existing private client sales team
and to join Skyway as a selling group member.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Acquiring new assets includes
being able to negotiate favorable loans on both a short and long-term basis. We strive to forecast and project our returns using assumptions
about, among other things, the types of loans that we might expect the market to extend for a particular type of asset. This becomes
more complex when the asset also requires construction financing. We may also need to refinance existing loans that are due to mature.
Factors that affect these arrangements include the interest rate and economic environment, the estimated fair value of real property,
and the profitability of the asset&rsquo;s historical operations. These capital market conditions may affect the renewal or replacement
of our credit agreements, some of which have maturity dates occurring within the next 12 months. Obtaining such financing is not guaranteed
and is largely dependent on market conditions and other factors.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The advancement of real
estate investment-oriented technology, sometimes referred to as &ldquo;proptech&rdquo; offers Caliber the benefit of new and innovative
technologies to better execute on capital formation strategies, investment acquisition strategies, and investment management strategies.
In recent years, Caliber has added to its technology stack with systems that we believe lead the market in their specific ability to
enhance execution on our projects. Several of these technologies seek to incorporate investments in artificial intelligence, which we
believe will be a prevailing trend in helping Caliber to enhance its project execution going forward.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Regional conflicts and instability,
such as those in Israel and Ukraine, can have significant impacts on global markets and economies and investor perception and tolerance
for risk. These conflicts could lead to increased volatility in financial markets, disrupt supply chains, and change investor appetite
for investments in alternative assets.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Business Environment</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Global markets are experiencing
significant volatility driven by concerns over inflation, rising interest rates, slowing economic growth and geopolitical uncertainty.
The annual inflation rate in the United States increased to 9.1% in June&nbsp;2022, the highest rate since November&nbsp;1981, but decreased
to 2.4% in September&nbsp;2024. As a result, from January&nbsp;1, 2022 through September&nbsp;18, 2024, the Federal Reserve increased
the federal funds rate by 525 basis points, but subsequently, on September&nbsp;19, 2024, the Federal Reserve decreased the federal funds
rate by 50 basis points. The rising interest rates, coupled with periods of significant equity and credit market volatility may potentially
make it more difficult for us to find attractive opportunities for our funds to exit and realize value from their existing investments.
Historically, inflation has tended to favor new capital formation for Caliber&rsquo;s funds, as investors seek opportunities that can
hedge against rising costs, such as real estate investments. In addition, the increase in interest rates has put pressure on owners of
existing real estate to sell assets as their loans mature. Combined with a shrinking pool of buyers, the commercial and residential real
estate markets in our favored geographies are moving away from a seller&rsquo;s market and closer to a buyer&rsquo;s market. It remains
to be seen if a stressed or distressed market may emerge, similar to Caliber&rsquo;s early years of operations. In both a buyer&rsquo;s
market and a stressed or distressed market, Caliber expects its business model to outperform, as our direct access to investor capital
and our ability to invest in a variety of asset classes allows Caliber to move with the market and take advantage of potentially attractive
prices. For project execution, inflation has increased the cost of nearly all building materials and labor types, increasing the cost
of construction and renovation of our funds&rsquo; assets.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Key Financial Measures and Indicators</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
key financial measures are discussed in the following pages. Additional information regarding these key financial measures and our other
significant accounting policies can be found in </font>Note 2 &ndash; Summary of Significant Accounting Policies in the notes to our
accompanying consolidated financial statements included herein.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Total Revenue</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We generate the majority
of our revenue in the form of asset management fee revenues and performance allocations. Included within our consolidated results, are
the related revenues of certain consolidated VIEs.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Total Expenses</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Total expenses include operating
costs, general and administrative, marketing and advertising and depreciation and amortization. Included within our consolidated results,
are the related expenses of consolidated VIEs.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Other Income (Expenses)</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Other income (expenses)
include interest expense and interest income.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20"><b>Results of Operations</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b><i>Comparison of the Consolidated
Results of Operations for the Nine Months Ended September&nbsp;30, 2024 and 2023</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our consolidated results
of operations are impacted by the timing of consolidation, deconsolidation, and operating performance of our consolidated and previously
consolidated funds. Periods presented may not be comparable due to the consolidation or deconsolidation certain funds. In particular,
the Company deconsolidated Caliber Hospitality, LP, the Caliber Hospitality Trust, and their consolidated subsidiaries, Elliot, and DT
Mesa during the nine months ended September&nbsp;30, 2024. The following table and discussion provide insight into our consolidated results
of operations for the nine months ended September&nbsp;30, 2024 and 2023 (in thousands):</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="padding-left: 0in; font-size: 10pt">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="6" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Nine Months
    Ended September&nbsp;30,</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt">&nbsp;</td><td style="padding-bottom: 1pt; font-size: 10pt">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt">&nbsp;</td><td style="padding-bottom: 1pt; font-size: 10pt">&nbsp;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-left: 0in; font-size: 10pt">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">2023</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">$ Change</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">% Change</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; padding-left: 0in">Revenues</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 44%; text-align: left; padding-left: 0.125in">Asset management revenues</td><td style="width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">12,926</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">6,246</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">6,680</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">106.9</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.125in">Performance allocations</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">357</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">2,474</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(2,117</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(85.6</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.125in">Consolidated funds &ndash; hospitality
    revenues</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">23,533</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">52,008</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(28,475</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(54.8</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; padding-left: 0.125in">Consolidated funds
    &ndash; other revenues</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">5,616</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">6,264</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(648</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(10.3</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; padding-left: 0.25in">Total revenues</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">42,432</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">66,992</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(24,560</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(36.7</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0in; font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: bold 10pt Times New Roman, Times, Serif; padding-left: 0in">Expenses</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.125in">Operating costs</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">15,389</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">16,205</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(816</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(5.0</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.125in">General and administrative</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">5,460</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">4,914</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">546</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">11.1</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.125in">Marketing and advertising</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">507</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">888</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(381</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(42.9</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.125in">Depreciation and amortization</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">439</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">409</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">30</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">7.3</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.125in">Consolidated funds &ndash; hospitality
    expenses</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">23,191</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">59,676</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(36,485</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(61.1</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; padding-left: 0.125in">Consolidated funds
    &ndash; other expenses</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">5,405</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">6,757</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(1,352</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(20.0</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; padding-left: 0.25in">Total expenses</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">50,391</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">88,849</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(38,458</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(43.3</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0in; font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.125in">Other income, net</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,015</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,479</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(464</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(31.4</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.125in">Interest income</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">325</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">279</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">46</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">16.5</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; padding-left: 0.125in">Interest expense</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(3,958</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(3,408</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">550</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">16.1</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.25in">Net loss before income taxes</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(10,577</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(23,507</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">12,930</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(55.0</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; padding-left: 0.375in">Benefit from income
    taxes</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">0.0</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.5in">Net loss</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(10,577</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(23,507</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">12,930</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(55.0</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; padding-left: 0.625in">Net loss attributable
    to noncontrolling interests</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(2,188</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(13,165</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">10,977</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(83.4</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt; padding-left: 0.75in">Net loss
    attributable to CaliberCos Inc.</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(8,389</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(10,342</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(1,953</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(18.9</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)%</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">For the nine months ended
September&nbsp;30, 2024 and 2023, total revenues were $42.4 million and $67.0 million, respectively, representing a period-over-period
decrease of 36.7%, which was primarily due to a decrease in consolidated fund revenues as a result of the deconsolidation of Caliber
Hospitality, LP and the Caliber Hospitality Trust in March&nbsp;2024. See the Segment Analysis section below in which revenues are presented
on a basis that deconsolidates our consolidated funds. As a result, segment revenues are different than those presented on a consolidated
basis in accordance with U.S. GAAP, because these fees are eliminated in consolidation when they are derived from a consolidated fund.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">For the nine months ended
September&nbsp;30, 2024 and 2023, total expenses were $50.4 million and $88.8 million, respectively, representing a period-over-period
decrease of 43.3%. The increase was primarily due to a decrease in consolidated fund expenses which was primarily due to the deconsolidation
of Caliber Hospitality, LP and Caliber Hospitality Trust in March&nbsp;2024.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b><i>Comparison of the Unconsolidated
Results of Operations for the Nine Months Ended September&nbsp;30, 2024 and 2023</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The following table and
discussion provide insight into our unconsolidated results of operations of the asset management platform for the nine months ended September&nbsp;30,
2024 and 2023 (in thousands).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="6" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Nine Months
    Ended September&nbsp;30,</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt">&nbsp;</td><td style="padding-bottom: 1pt; font-size: 10pt">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt">&nbsp;</td><td style="padding-bottom: 1pt; font-size: 10pt">&nbsp;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">2023</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">$ Change</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">% Change</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; padding-left: 0in">Revenues</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="width: 48%; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.125in">Asset management revenues</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">15,976</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">10,977</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">4,999</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">45.5</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; padding-left: 0.125in">Performance allocations</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">378</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">2,474</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(2,096</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(84.7</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; padding-left: 0.25in">Total revenues</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">16,354</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">13,451</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">2,903</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">21.6</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; padding-left: 0in">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: bold 10pt Times New Roman, Times, Serif; padding-left: 0in">Expenses</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.125in">Operating costs</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">15,971</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">15,912</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">59</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">0.4</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.125in">General and administrative</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">5,490</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">4,659</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">831</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">17.8</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.125in">Marketing and advertising</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">508</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">887</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(379</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(42.7</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; padding-left: 0.125in">Depreciation and
    amortization</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">447</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">197</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">250</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">126.9</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; padding-left: 0.25in">Total expenses</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">22,416</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">21,655</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">761</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">3.5</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; padding-left: 0in">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.125in">Other income (loss), net</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,468</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">294</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,174</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">399.3</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.125in">Interest income</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">514</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,479</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(965</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(65.2</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; padding-left: 0.125in">Interest expense</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(3,958</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(3,409</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">549</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">16.1</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.25in">Net (loss) income before income
    taxes</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(8,038</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(9,840</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(1,802</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(18.3</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; padding-left: 0.375in">Provision for
    income taxes</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">0.0</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt; padding-left: 0.5in">Net (loss)
    income</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(8,038</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(9,840</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(1,802</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(18.3</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)%</td></tr>
  </table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">For the nine months ended
September&nbsp;30, 2024 and 2023, total revenues were $16.4 million and $13.5 million, respectively, representing a period-over-period
increase of 21.6%. The table below (in thousands) compares the revenues earned for providing services under the Company&rsquo;s asset
management platform as described in the Revenue Recognition section of Note 2 &ndash; Summary of Significant Accounting Policies for
the nine months ended September&nbsp;30, 2024 to the revenues earned for the same period in 2023.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="6" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Nine Months
    Ended September&nbsp;30,</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt">&nbsp;</td><td style="padding-bottom: 1pt; font-size: 10pt">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt">&nbsp;</td><td style="padding-bottom: 1pt; font-size: 10pt">&nbsp;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">2023</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">$ Change</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">% Change</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 48%; font: 10pt Times New Roman, Times, Serif; padding-left: 0in">Fund set-up fees</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">1,502</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">470</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">1,032</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">219.6</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0in">Fund management fees</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">7,972</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">7,136</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">836</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">11.7</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0in">Financing fees</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">616</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">631</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(15</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(2.4</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0in">Development and construction fees</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">5,066</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">2,128</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">2,938</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">138.1</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; padding-left: 0in">Brokerage fees</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">820</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">612</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">208</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">34.0</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.125in">Total asset management</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">15,976</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">10,977</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">4,999</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">45.5</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; padding-left: 0.125in">Performance allocations</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">378</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">2,474</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(2,096</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(84.7</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt; padding-left: 0.25in">Total unconsolidated
    revenue</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">16,354</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">13,451</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">2,903</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">21.6</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr>
  </table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The increase in fund set-up
fees is due to capital raise fees earned related to an existing fund during the three months ended September&nbsp;30,2024, as well as
revenue earned from two new fund offerings during the nine months ended September&nbsp;30, 2024, for which revenue was not recognized
in 2023.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The increase in fund management
fees is related to an increase of managed capital and fees earned from the Caliber Hospitality Trust related to the acquisition of one
hotel property. Fund management fees were based on 1.0% to 1.5% of the unreturned capital contributions in each fund and a fund management
fee of 0.7% of the Caliber Hospitality Trust&rsquo;s enterprise value.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The decrease in performance
allocations is due to the carried interest earned related to the contribution of the hospitality assets to Caliber Hospitality, LP in
March&nbsp;2023.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">For the nine months ended
September&nbsp;30, 2024 and 2023, total expenses were $22.4 million and $21.7 million, respectively, representing a period-over-period
increase of 3.5%. The increase was primarily due to an increase in general and administrative expenses related to accounting and consulting
fees, and software expenses.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Other income, net was $1.5
million for the nine months ended September&nbsp;30, 2024, as compared to $0.3 million for the nine months ended September&nbsp;30, 2023.
The increase is primarily due to an increase in rental and reimbursement revenue from space leased at the Company&rsquo;s corporate headquarters.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">For the nine months ended
September&nbsp;30, 2024 and 2023, interest expense was $4.0 million and $3.4 million, respectively. The increase was primarily due to
the increase in the weighted average corporate notes outstanding during the nine months ended September&nbsp;30, 2024, as compared to
the same period in 2023.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b><i>Comparison of the Consolidated
Results of Operations for the Years Ended December&nbsp;31, 2023 and 2022</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The following table and
discussion provide insight into our consolidated results of operations for the years ended December&nbsp;31, 2023 and 2022 (in thousands):</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="6" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Years Ended
    December&nbsp;31,</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt">&nbsp;</td><td style="padding-bottom: 1pt; font-size: 10pt">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt">&nbsp;</td><td style="padding-bottom: 1pt; font-size: 10pt">&nbsp;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">2023</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">2022</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">$ Change</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">% Change</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; padding-left: 0in">Revenues</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="width: 48%; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.125in">Asset management revenues</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">10,571</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">15,344</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">(4,773</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">(31.1</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">)%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.125in">Performance allocations</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">3,639</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">2,543</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,096</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">43.1</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.125in">Consolidated funds &ndash; hospitality
    revenues</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">68,905</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">59,564</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">9,341</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">15.7</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; padding-left: 0.125in">Consolidated funds
    &ndash; other revenues</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">7,822</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">6,505</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">1,317</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">20.2</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; padding-left: 0.25in">Total revenues</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">90,937</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">83,956</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">6,981</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">8.3</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; padding-left: 0in">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: bold 10pt Times New Roman, Times, Serif; padding-left: 0in">Expenses</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.125in">Operating costs</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">21,311</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">14,609</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">6,702</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">45.9</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.125in">General and administrative</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">6,770</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">6,679</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">91</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1.4</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.125in">Marketing and advertising</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,052</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,179</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(127</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(10.8</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.125in">Depreciation and amortization</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">550</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">58</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">492</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">848.3</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.125in">Consolidated funds &ndash; hospitality
    expenses</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">80,669</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">60,667</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">20,002</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">33.0</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; padding-left: 0.125in">Consolidated funds
    &ndash; other expenses</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">9,162</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">9,213</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(51</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(0.6</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; padding-left: 0.25in">Total expenses</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">119,514</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">92,405</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">27,109</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">29.3</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; padding-left: 0in">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.125in">Consolidated funds - gain on sale of
    real estate investments</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">4,976</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">21,530</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(16,554</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(76.9</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; padding-left: 0in">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.125in">Other income, net</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">374</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">326</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">48</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">14.7</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.125in">Gain on extinguishment of debt</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,421</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(1,421</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(100.0</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.125in">Interest income</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">350</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">178</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">172</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">96.6</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; padding-left: 0.125in">Interest expense</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(4,717</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(1,055</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(3,662</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">347.1</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.25in">Net (loss) income before income
    taxes</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(27,594</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">13,951</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(41,545</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(297.8</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; padding-left: 0.375in">Benefit from income
    taxes</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">0.0</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.5in">Net (loss) income</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(27,594</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">13,951</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(41,545</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(297.8</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; text-indent: -0.125in; padding-left: 0.75in">Net
    (loss) income attributable to noncontrolling interests</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(14,891</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">11,931</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(26,822</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(224.8</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt; padding-left: 0.75in">Net (loss)
    income attributable to CaliberCos Inc.</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(12,703</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">2,020</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(14,723</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(728.9</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)%</td></tr>
  </table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">For the years ended December&nbsp;31,
2023 and 2022, total revenues were $90.9 million and $84.0 million, respectively, representing a period-over-period increase of 8.3%.
This increase was primarily due to an increase in revenues in our consolidated fund hotel assets resulting from increased occupancy rates
and higher average daily rates and from revenues from Hilton Tucson East, which became a consolidated entity during the year ended December&nbsp;31,
2023, offset by a decrease in asset management revenues. Asset management revenues consist of fees earned for fund set-up and formation,
asset management, financing, development and construction, and brokerage services. The decrease in asset management revenues was primarily
due to fund set-up fees earned for services performed in conjunction with the formation of Caliber Tax Advantaged Opportunity Zone Fund
II, LLC during the year ended December&nbsp;31, 2022.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">For the years ended December&nbsp;31,
2023 and 2022, total expenses were $119.5 million and $92.4 million, respectively, representing a period-over-period increase of 29.3%.
The increase was primarily due to an increase in consolidated fund related expenses due to rising labor costs and variable costs associated
with increased revenue, such as management and franchise fees and loyalty program costs, and from operating expenses from Hilton Tucson
East, which became a consolidated entity during the year ended December&nbsp;31, 2023. In addition, there was an increase in operating
costs from (i)&nbsp;additional payroll associated with increased headcount and cost of human capital driven by the Company&rsquo;s growth
initiatives, as the Company looks to enhance its capabilities across all lines of service, and (ii)&nbsp;an increase in stock compensation
expense for restricted stock units that vested upon the closing of the Company&rsquo;s initial public offering.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">For the year ended December&nbsp;31,
2023, consolidated funds &ndash; gain on sale of real estate investments includes the $5.0&nbsp;million gain recognized on the sale of
Northsight Crossing, a commercial property with a cost basis of $21.7&nbsp;million. For the year ended December&nbsp;31, 2022, consolidated
funds &ndash; gain on sale of real estate investments includes the $21.5&nbsp;million gain recognized on the sale of GC Square Apartments,
a multi-family property with a cost basis of $9.1&nbsp;million.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">For the year ended December&nbsp;31,
2023, other income, net includes rental income of $1.6&nbsp;million related to space leased to third parties in Caliber&rsquo;s headquarters
office building, offset by a $1.3&nbsp;million loss of estimated amounts due to investors of the Caliber Residential Advantage Fund,
LP (&ldquo;CRAF&rdquo;) upon redemption of their investment and payment of any accrued and unpaid preferred return related to the disposal
of the last single-family residential home owned by the fund (&ldquo;Loss on CRAF Investment Redemption&rdquo;). There was no comparable
activity during the year ended December&nbsp;31, 2022.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">For the years ended December&nbsp;31,
2023 and 2022, interest expense was $4.7 million and $1.1 million, respectively. The increase was primarily due to the increase in corporate
notes outstanding during the year ended December&nbsp;31, 2023, as compared to the same period in 2022. In addition, there was one real
estate note outstanding during the year ended December&nbsp;31, 2023 with no comparable real estate notes outstanding during the same
period in 2022.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b><i>Comparison of the Unconsolidated
Results of Operations for the Year Ended December&nbsp;31, 2023 and 2022</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The following table and
discussion provide insight into our unconsolidated results of operations of the asset management platform for the year ended December&nbsp;31,
2023 and 2022 (in thousands). Unconsolidated revenues and expenses are presented on a basis that deconsolidates our consolidated funds
(intercompany eliminations) and eliminates noncontrolling interest. As a result, unconsolidated revenues are different than those presented
on a consolidated basis in accordance with U.S. GAAP because fee revenue is eliminated in consolidation when it is derived from a consolidated
fund and due to the exclusion of the fund revenue recognized by the consolidated funds. Furthermore, unconsolidated expenses are also
different than those presented on a consolidated U.S. GAAP basis due to the exclusion of fund expenses that are paid by the consolidated
funds. See the Non-GAAP Measures section below for reconciliations of the unconsolidated results to the most comparable U.S. GAAP measure.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="6" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Year Ended
    December&nbsp;31,</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt">&nbsp;</td><td style="padding-bottom: 1pt; font-size: 10pt">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt">&nbsp;</td><td style="padding-bottom: 1pt; font-size: 10pt">&nbsp;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">2023</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">2022</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">$ Change</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">% Change</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif">Revenues</td><td style="font-size: 10pt">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="width: 48%; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.125in">Asset management revenues</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">16,982</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">21,575</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">(4,593</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">(21.3</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">)%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; padding-left: 0.125in">Performance allocations</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">3,656</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">2,543</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">1,113</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">43.8</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; padding-left: 0.25in">Total revenues</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">20,638</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">24,118</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(3,480</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(14.4</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; padding-left: 0in">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: bold 10pt Times New Roman, Times, Serif; padding-left: 0in">Expenses</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.125in">Operating costs</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">21,808</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">14,609</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">7,199</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">49.3</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.125in">General and administrative</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">6,807</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">6,742</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">65</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1.0</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.125in">Marketing and advertising</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,053</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,179</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(126</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(10.7</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; padding-left: 0.125in">Depreciation and
    amortization</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">551</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">44</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">507</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">1,152.3</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; padding-left: 0.25in">Total expenses</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">30,219</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">22,574</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">7,645</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">33.9</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; padding-left: 0in">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.125in">Other income (loss), net</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">649</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">256</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">393</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">153.5</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.125in">Gain on extinguishment of debt</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,421</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(1,421</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(100.0</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.125in">Interest income</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,863</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">177</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,686</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">952.5</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; padding-left: 0.125in">Interest expense</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(4,716</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(1,056</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(3,660</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">346.6</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.25in">Net (loss) income before income
    taxes</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(11,785</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">2,342</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(14,127</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(603.2</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; padding-left: 0.375in">Provision for
    income taxes</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">0.0</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt; padding-left: 0.5in">Net (loss)
    income</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(11,785</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">2,342</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(14,127</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(603.2</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)%</td></tr>
  </table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">For the years ended December&nbsp;31,
2023 and 2022, total revenues were $20.6 million and $24.1 million, respectively, representing a period-over-period decrease of 14.4%.
The table below compares the revenues earned for providing services under the Company&rsquo;s asset management platform as described
in the Revenue Recognition section of Note 2 &ndash; Summary of Significant Accounting Policies for the year ended December&nbsp;31,
2023 to the revenues earned for the year ended December&nbsp;31, 2022.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="6" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Year Ended
    December&nbsp;31,</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt">&nbsp;</td><td style="padding-bottom: 1pt; font-size: 10pt">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt">&nbsp;</td><td style="padding-bottom: 1pt; font-size: 10pt">&nbsp;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">2023</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">2022</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">$ Change</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">% Change</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 48%; font: 10pt Times New Roman, Times, Serif; padding-left: 0in">Fund set-up fees</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">523</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">6,160</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">(5,637</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">(91.5</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">)%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0in">Fund management fees</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">9,597</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">8,347</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,250</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">15.0</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0in">Financing fees</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">629</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,128</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(499</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(44.2</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0in">Development and construction fees</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">4,984</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">3,492</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,492</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">42.7</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; padding-left: 0in">Brokerage fees</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">1,249</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">2,448</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(1,199</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(49.0</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.125in">Total asset management</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">16,982</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">21,575</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(4,593</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(21.3</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; padding-left: 0.125in">Performance allocations</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">3,656</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">2,543</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">1,113</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">43.8</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt; padding-left: 0.25in">Total unconsolidated
    revenue</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">20,638</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">24,118</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(3,480</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(14.4</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)%</td></tr>
  </table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The decrease in fund set-up
fees relates to services performed in conjunction with the formation of Caliber Tax Advantaged Opportunity Zone Fund II, LLC during the
year ended December&nbsp;31, 2022. In addition, the Company is transitioning from fund formation fees that are recognized as capital
is raised into a fund to fund set-up fees that are a one-time fee not conditional on capital raise, resulting in a decrease in fund set-up
fees of $0.9 million from the year ended December&nbsp;31, 2022 to the year ended December&nbsp;31, 2023.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The increase in development
and construction fees is primarily due the execution of development agreements related to eight projects, partially offset by completing
construction at three projects during the year ended December&nbsp;31, 2023.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The decrease in brokerage
fees is primarily due to a decrease in brokerage transactions, which were $57.8&nbsp;million during the year ended December&nbsp;31,
2023, as compared to $117.5&nbsp;million in the same period in 2022.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">For the year ended December&nbsp;31,
2023 performance allocations were $3.7&nbsp;million, which represents the carried interest earned related to the contribution of the
hospitality assets to Caliber Hospitality, LP in March&nbsp;2023, the disposition of one commercial property located in Scottsdale, Arizona,
and 80 acres of land located in Johnstown, Colorado. For the year ended December&nbsp;31, 2022 performance allocations were $2.5&nbsp;million,
which represents the carried interest earned related to the sale of the GC Square Apartments multi-family property in March&nbsp;2022.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">For the years ended December&nbsp;31,
2023 and 2022, total expenses were $30.2 million and $22.6 million, respectively, representing a period-over-period increase of 33.9%.
The increase was primarily due to an increase in operating costs from (i)&nbsp;additional payroll associated with increased headcount
and cost of human capital driven by the Company&rsquo;s growth initiatives, as the Company looks to enhance its capabilities across all
lines of service, and (ii)&nbsp;an increase in stock compensation expense for restricted stock units that vested upon the closing of
the Company&rsquo;s initial public offering. The increase in depreciation and amortization was primarily due to the acquisition of the
Company&rsquo;s headquarters office building during the year ended December&nbsp;31, 2023.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">For the year ended December&nbsp;31,
2023, other income, net includes rental income of $1.6&nbsp;million related to space leased to third parties in Caliber&rsquo;s headquarters
office building, offset by a $1.3&nbsp;million loss of estimated amounts due to investors of the Caliber Residential Advantage Fund,
LP upon redemption of their investment and payment of any accrued and unpaid preferred return related to the disposal of the last single-family
residential home owned by the fund. There was no comparable activity during the year ended December&nbsp;31, 2022.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">For the years ended December&nbsp;31,
2023 and 2022, interest expense was $4.7 million and $1.1 million, respectively. The increase was primarily due to the increase in corporate
notes outstanding during the year ended December&nbsp;31, 2023, as compared to the same period in 2022. In addition, there was one real
estate note outstanding during the year ended December&nbsp;31, 2023 with no comparable real estate notes outstanding during the same
period in 2022.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Investment Valuations</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The investments that are
held by our funds are generally considered to be illiquid and have no readily ascertainable market value. We value these investments
based on our estimate of their fair value as of the date of determination. We estimate the fair value of our fund&rsquo;s investments
based on several inputs built within forecasting models. The models generally rely on discounted cash flow analysis and other techniques
and may include independently sourced market parameters. The material estimates and assumptions used in these models include the timing
and expected amounts of cash flows, income and expenses for the property, the appropriateness of discount rates used, overall capitalization
rate, and, in some cases, the ability to execute, estimated proceeds and timing of expected sales and financings. Most of our assets
utilize the income approach to value the property. Where appropriate, management may obtain additional supporting evidence of values
from methods generally utilized in the real estate investment industry, such as appraisal reports and broker price opinion reports.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">With respect to the underlying
factors that led to the change in fair value in the current year, we identify assets that are undervalued and/or underperforming as part
of our acquisition strategy. Such assets generally undergo some form of repositioning soon after our acquisition to help drive increased
appreciation and operating performance. Once the repositioning is complete, we focus on increasing the asset&rsquo;s net operating income,
thereby further increasing the value of the asset. By making these below-market acquisitions, adding value through development activities,
and increasing free cash flow with proper management all represent a material component to our core business model.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">A unique feature of Caliber&rsquo;s
funds is the discretion given to Caliber&rsquo;s management team to decide when to sell assets and when to hold them. We believe this
discretion allows Caliber to avoid selling properties that, while their business plan may have matured, the market will not pay an attractive
price in the current environment. Avoiding selling at a time of disruption, such as all of 2020, is critical to preserving the value
of our assets, our carried interest, our ongoing revenues, and our clients&rsquo; capital. While this is management&rsquo;s expectation,
there can be no assurance these outcomes will occur.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Assets Under Management</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">AUM refers to the assets
we manage or sponsor. We monitor two types of information regarding our AUM:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">i.</font></td><td style="text-align: justify">Managed
                                            Capital &ndash; we define this as the total capital we fundraise from our customers as investments
                                            in our funds. It also includes fundraising into our corporate note program, the proceeds
                                            of which were used, in part, to invest in or loan to our funds. We use this information to
                                            monitor, among other things, the amount of &lsquo;preferred return&rsquo; that would be paid
                                            at the time of a distribution and the potential to earn a performance fee over and above
                                            the preferred return at the time of the distribution. Our fund management fees are based
                                            on a percentage of managed capital or a percentage of assets under management, and monitoring
                                            the change and composition of managed capital provides relevant data points for Caliber management
                                            to further calculate and predict future earnings.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">ii.</td><td style="text-align: justify">Fair Value (&ldquo;FV&rdquo;) AUM &ndash;
                                            we define this as the aggregate fair value of the real estate assets we manage and from which
                                            we derive management fees, performance revenues and other fees and expense reimbursements.
                                            We estimate the value of these assets quarterly to help make sale and hold decisions and
                                            to evaluate whether an existing asset would benefit from refinancing or recapitalization.
                                            This also gives us insight into the value of our carried interest at any point in time. We
                                            also utilize FV AUM to predict the percentage of our portfolio which may need development
                                            services in a given year, fund management services (such as refinance), and brokerage services.
                                            As we control the decision to hire for these services, our service income is generally predictable
                                            based upon our current portfolio AUM and our expectations for AUM growth in the year forecasted.
                                            As of September&nbsp;30, 2024, we had total FV AUM of approximately $807.0 million.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; color: #231f20">Although
we believe we are utilizing generally accepted methodologies for our calculation of managed capital and FV AUM, it may differ from our
competitors, thereby making these metrics non-comparable to our competitors.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Managed Capital</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The table below summarizes
the activity of the managed capital for the year ended September&nbsp;30, 2024 (in thousands):</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="padding-left: -0.125in; font-size: 10pt">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Managed
    Capital</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 83%; padding-left: 0in">Balances as of December&nbsp;31, 2022</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 14%; font: 10pt Times New Roman, Times, Serif; text-align: right">383,189</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0in">Originations</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">74,857</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0in">Redemptions</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(22,962</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; padding-left: 0in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
    <sup>(1)</sup></font></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">2,541</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0in">Balances as of December&nbsp;31, 2023</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">437,625</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in">Originations</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">19,099</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; padding-left: 0.125in">Redemptions</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(2,819</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0in">Balances as of March&nbsp;31, 2024</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">453,905</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in">Originations</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">18,936</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; padding-left: 0.125in">Redemptions</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(3,041</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0in">Balances as of June&nbsp;30, 2024</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">469,800</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in">Originations</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">23,372</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; padding-left: 0.125in">Redemptions</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(7,900</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; padding-left: 0in">Balances as of September&nbsp;30,
    2024</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">485,272</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.25in">(1)</td><td style="text-align: justify">Other represents the inclusion of an investment
                                            of one of our funds upon the completion of an equity swap during the year ended December&nbsp;31,
                                            2023.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table summarizes managed capital for our investment fund portfolios as of September&nbsp;30, 2024 and </font>December&nbsp;31,
2023 (in thousands):</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="padding-left: -0.5in; font-size: 10pt">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">September&nbsp;30,
    2024</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">December&nbsp;31,
    2023</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">December&nbsp;31,
    2022</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.125in">Real Estate</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 49%; padding-left: 0.25in">Hospitality</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 14%; font: 10pt Times New Roman, Times, Serif; text-align: right">47,560</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 14%; font: 10pt Times New Roman, Times, Serif; text-align: right">43,660</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 14%; font: 10pt Times New Roman, Times, Serif; text-align: right">102,071</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Caliber
    Hospitality Trust <sup>(1)</sup></font></td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">96,879</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">70,747</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in">Residential</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">92,683</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">74,224</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">62,819</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; padding-left: 0.25in">Commercial</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">167,989</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">155,004</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">128,210</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.375in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    Real Estate <sup>(2)</sup>&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">405,111</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">343,635</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">293,100</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Credit
    <sup>(3)</sup>&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">70,541</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">84,588</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">74,766</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; padding-left: 0.125in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
    <sup>(4)</sup>&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">9,620</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">9,402</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">15,323</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; padding-left: -0.375in">Total</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">485,272</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">437,625</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">383,189</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</font></td><td style="text-align: justify">The
                                            Company earns a fund management fee of 0.70% of the Caliber Hospitality Trust&rsquo;s enterprise
                                            value and is reimbursed for certain costs incurred on behalf of the Caliber Hospitality Trust.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
  <td style="text-align: justify; width: 0.25in">(2)&nbsp;</td>
  <td style="text-align: justify">Beginning during the year ended December&nbsp;31, 2023, the Company includes capital raised from investors
  in CaliberCos Inc. through corporate note issuances that was further invested in our funds in Managed Capital. As of September&nbsp;30,
  2024 and December&nbsp;31, 2023, the Company had invested $19.7 million and $18.3 million, respectively, in our funds.</td></tr>
</table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
  <td style="text-align: justify; width: 0.25in">(3)&nbsp;</td>
  <td style="text-align: justify">Credit managed capital represents loans made to Caliber&rsquo;s investment funds by the Company and
  our diversified funds. As of September&nbsp;30, 2024 and December&nbsp;31, 2023, the Company had loaned $0.3 million and $8.5 million
  to our funds.</td></tr>
</table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
  <td style="text-align: justify; width: 0.25in">(4)&nbsp;</td>
  <td style="text-align: justify">Other managed capital represents undeployed capital held in our diversified funds.</td></tr>
</table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Managed capital for our
hospitality investment funds increased by $3.9 million during the nine months ended September&nbsp;30, 2024, due to a $3.9 million related
party note receivable bearing 12.0% interest, issued to Caliber Hospitality Trust.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Managed capital for our
hospitality funds increased by $12.3 million during the year ended December&nbsp;31, 2023, representing: (i)&nbsp;the $6.7 million purchase
of Caliber Hospitality Trust&rsquo;s Class&nbsp;A non-voting preferred stock and (ii)&nbsp;$1.2 million purchase of Caliber Hospitality
Trust&rsquo;s Class&nbsp;B non-voting preferred stock, which was offset by (iii)&nbsp;a $6.0 million decrease when hotel operations ceased
at the Four Points by Sheraton hotel, as the Company is converting the property into a multi-family residential asset. The Company also
invested $10.4 million into our hospitality funds through corporate notes.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Managed capital for the
Caliber Hospitality Trust increased by $26.1 million during the nine months ended September&nbsp;30, 2024, primarily due to the issuance
of $9.6 million of Caliber Hospitality, LP operating partnership units in exchange for the contribution of a hotel from L.T.D. on March&nbsp;7,
2024 (the first of nine committed hotels from L.T.D.&rsquo;s portfolio) and $16.6 million of investments in Caliber Hospitality Trusts&rsquo;
non-voting preferred stock.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Managed capital for our
residential investment funds increased by $18.5 million during the nine months ended September&nbsp;30, 2024, due to: (i)&nbsp;$13.0
million in capital raised into our residential assets offset by $6.8 million of redemptions, and (ii)&nbsp;$12.3 million contributed
by our diversified funds.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Managed capital for our
residential investment funds increased by $11.4 million during the year ended December&nbsp;31, 2023: representing (i)&nbsp;$7.1 million
in capital raised into our residential assets offset by $4.3 million of redemptions, and (ii)&nbsp;$5.1 million contributed by our diversified
funds offset by $2.5 million of redemptions by diversified funds. Additionally, there was an additional $6.0 million due to the planned
conversion of the Four Points by Sheraton hotel discussed above.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Managed capital for our
commercial investment funds increased $13.0 million during the nine months ended September&nbsp;30, 2024, due to: (i)&nbsp;$8.8 million
in capital raised into our commercial assets, offset by $3.2 million of redemptions, and (ii)&nbsp;$9.9 million contributed by our diversified
funds offset by $2.5 million return of capital. The scope of investments included tenant improvements, land development, and acquiring
existing operating commercial properties.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Managed capital for our
commercial investment funds increased $26.8 million during the year ended December&nbsp;31, 2023, representing: (i)&nbsp;$10.7 million
in capital raised into our commercial assets offset by $9.8 million of redemptions, (ii)&nbsp;$2.5 million due to the inclusion of an
investment of one of our funds upon the completion of an equity swap, and (iii)&nbsp;$25.7 million contributed by our diversified funds
offset by $2.3 million of redemptions, to support four commercial ground-up builds and acquisitions in Arizona and one commercial ground-up
build and acquisition in Colorado. The scope of investments included tenant improvements, land development, and acquiring existing operating
commercial properties.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">During the nine months ended
September&nbsp;30, 2024, our diversified funds deployed $13.5 million into our various real estate investments, which was offset by $20.0
million of repayments of outstanding notes receivable. The Company deployed $0.1 million directly into real estate investments in the
form of notes receivable, which was offset by $7.5 million of repayments of outstanding notes receivable.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">During the year ended December&nbsp;31,
2023, we raised $21.0 million of new capital into Caliber Fixed Income Fund III, LP (&ldquo;CFIF III&rdquo;) and deployed it into our
various real estate investments, which was offset by $19.4 million of repayments of the notes receivable. We also deployed $24.8 million
directly into new investments in the form of notes receivable, which was offset by $16.6 million of repayments of the notes receivable.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">As of September&nbsp;30,
2024, we held $9.6 million of other managed capital, which included a $3.2 million private equity investment in a local start-up business
and $6.4 million of undeployed cash and pursuit costs.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">As of December&nbsp;31,
2023, we held $9.4 million of other managed capital, which included a $3.2 million private equity investment in a local start-up business
and $5.3 million of undeployed cash and pursuit costs, compared to $15.3 million of other managed capital, which included a $6.2 million
private equity investment in a local start-up business and $12.1 million of undeployed cash and pursuit costs held as of December&nbsp;31,
2022.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>FV AUM</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; color: #231f20">Our FV AUM
increased primarily due to the L.T.D. hotel contribution into the Caliber Hospitality Trust. The table below details the activities that
had an impact on our FV AUM, during the nine months ended September&nbsp;30, 2024 (in thousands).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 83%; padding-left: 0in">Balances as of December&nbsp;31, 2022</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 14%; font: 10pt Times New Roman, Times, Serif; text-align: right">745,514</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.125in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assets
    acquired <sup>(4)</sup>&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">29,384</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.125in">Construction and net market appreciation</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">9,129</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.125in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assets
    sold or disposed <sup>(1)</sup></font></td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(52,710</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Credit
    <sup>(2)</sup></font></td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">9,822</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; padding-left: 0.125in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
    <sup>(3)</sup></font></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">51</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0in">Balances as of December&nbsp;31, 2023</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">741,190</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.125in">CHT contribution</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">29,900</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.125in">Construction and net market appreciation</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">10,971</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.125in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assets
    sold <sup>(1)</sup></font></td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(12,771</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Credit
    <sup>(2)</sup></font></td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(781</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; padding-left: 0.125in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
    <sup>(3)</sup></font></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(1,771</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0in">Balances as of March&nbsp;31, 2024</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">766,738</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.125in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assets
    acquired <sup>(4)</sup>&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">14,000</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.125in">Construction and net market appreciation</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">27,994</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.125in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assets
    sold or disposed <sup>(1)</sup></font></td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(22,994</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Credit
    <sup>(2)</sup></font></td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(12,835</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; padding-left: 0.125in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
    <sup>(3)</sup>&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">310</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0in">Balances as of June&nbsp;30, 2024</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">773,213</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.125in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assets
    acquired <sup>(4)</sup>&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">20,590</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.125in">Construction and net market appreciation</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">11,910</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Credit
    <sup>(2)</sup></font></td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(431</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; padding-left: 0.125in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
    <sup>(3)</sup>&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">1,679</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0in">Balances as of September&nbsp;30, 2024</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">806,961</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The following table summarizes
FV AUM of our investment fund portfolios as of September&nbsp;30, 2024 and December&nbsp;31, 2023 (in thousands):</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="padding-left: -0.25in; font-size: 10pt">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">September&nbsp;30,
    2024</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">December&nbsp;31,
    2023</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">December&nbsp;31,
    2022</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.125in">Real Estate</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 49%; padding-left: 0.25in">Hospitality</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 14%; font: 10pt Times New Roman, Times, Serif; text-align: right">68,800</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 14%; font: 10pt Times New Roman, Times, Serif; text-align: right">67,200</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 14%; font: 10pt Times New Roman, Times, Serif; text-align: right">319,300</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.25in">Caliber Hospitality Trust</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">240,300</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">201,600</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in">Residential</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">162,100</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">138,000</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">86,900</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; padding-left: 0.25in">Commercial</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">255,600</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">240,400</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">255,197</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.375in">Total Real Estate</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">726,800</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">647,200</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">661,397</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Credit
    <sup>(3)</sup></font></td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">70,541</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">84,588</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">74,766</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; padding-left: 0.125in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
    <sup>(4)</sup></font></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">9,620</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">9,402</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">9,351</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; padding-left: -0.125in">Total</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">806,961</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">741,190</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">745,514</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assets
                                            </font>sold during the nine months ended September&nbsp;30, 2024 include a commercial asset,
                                            lot sales related to two development assets in Colorado, and one home from our residential
                                            fund. Assets sold during the year ended December&nbsp;31, 2023 include lot sales related
                                            to a development asset in Colorado, one development asset in Colorado, nine homes from our
                                            residential fund, and one commercial asset in Arizona.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<table cellpadding="0" cellspacing="0" border="0" style="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: top">
  <td style="text-align: justify; width: 0.25in">(2)&nbsp;</td>
  <td style="text-align: justify">Credit FV AUM represents loans made to Caliber&rsquo;s investment funds by our diversified credit fund.</td></tr>
</table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<table cellpadding="0" cellspacing="0" border="0" style="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: top">
  <td style="text-align: justify; width: 0.25in">(3)&nbsp;</td>
  <td style="text-align: justify">Other FV AUM represents undeployed capital held in our diversified funds.</td></tr>
</table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<table cellpadding="0" cellspacing="0" border="0" style="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: top">
  <td style="width: 0.25in">(4)&nbsp;</td>
  <td>Assets acquired during the nine months ended September&nbsp;30, 2024 include land for one commercial asset in Colorado. Assets
  acquired during the year ended December&nbsp;31, 2023 include one development asset in Colorado, our headquarters office building,
  and two multi-family residential assets in Arizona.</td></tr>
</table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Assets Under Development</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We have a number of development,
redevelopment, construction, and entitlement projects that are underway or are in the planning stages, which we define as AUD. This category
includes projects to be built on undeveloped land and projects to be built and constructed on undeveloped lands, which are not yet owned
by our funds. Completing these development activities may ultimately result in income-producing assets, assets we may sell to third parties,
or both. As of September&nbsp;30, 2024, we are actively developing 1,796 multifamily units, 697 single family units, 3.7 million square
feet of commercial and industrial, and 3.5 million square feet of office and retail. If all of these projects are brought to completion,
the total cost capitalized to these projects, which represents total current estimated costs to complete the development and construction
of such projects by us or a third party, is $2.1 billion, which we expect would be funded through a combination of undeployed fund cash,
third-party equity, project sales, tax credit financing and similar incentives, and secured debt financing. We are under no obligation
to complete these projects and may dispose of any such assets at any time. There can be no assurance that AUD will ultimately be developed
or constructed because of the nature of the cost of the approval and development process and market demand for a particular use. In addition,
the mix of residential and commercial assets under development may change prior to final development. The development of these assets
will require significant additional financing or other sources of funding, which may not be available.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Non-GAAP Measures</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">We
use non-GAAP financial measures to evaluate operating performance, identify trends, formulate financial projections, make strategic decisions,
and for other discretionary purposes. We believe that these measures enhance the understanding of ongoing operations and comparability
of current results to prior periods and may be useful for investors to analyze our financial performance because they</font> provides
investors a view of the performance attributable to CaliberCos Inc<font style="color: #231f20">. When analyzing our operating performance,
investors should use these measures in addition to, and not as an alternative for, their most directly comparable financial measure calculated
and presented in accordance with U.S. GAAP. Our presentation of non-GAAP measures may not be comparable to similarly identified measures
of other companies because not all companies use the same calculations. These measures may also differ from the amounts calculated under
similarly titled definitions in our debt instruments, which amounts are further adjusted to reflect certain other cash and non-cash charges
and are used by us to determine compliance with financial covenants therein and our ability to engage in certain activities, such as
incurring additional debt and making certain restricted payments.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Fee-Related Earnings
and Related Components</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Fee-Related Earnings is
a supplemental non-GAAP performance measure used to assess our ability to generate profits from fee-based revenues, focusing on whether
our core revenue streams, are sufficient to cover our core operating expenses. Fee-Related Earnings represents the Company&rsquo;s net
income (loss) before income taxes adjusted to exclude depreciation and amortization, stock-based compensation, interest expense and extraordinary
or non-recurring revenue and expenses, including performance allocation revenue and gain (loss) on extinguishment of debt, public registration
direct costs related to aborted or delayed offerings and our Reg A+ offering, the share repurchase costs related to the Company&rsquo;s
Buyback Program, litigation settlements, and expenses recorded to earnings relating to investment deals which were abandoned or closed.
Fee-Related Earnings is presented on a basis that deconsolidates our consolidated funds (intercompany eliminations) and eliminates noncontrolling
interest. Eliminating the impact of consolidated funds and noncontrolling interest provides investors a view of the performance attributable
to CaliberCos Inc. and is consistent with performance models and analysis used by management.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Distributable Earnings</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Distributable Earnings is
a supplemental non-GAAP performance measure equal to Fee-Related Earnings plus performance allocation revenue and less interest expenses
and provision for income taxes. We believe that Distributable Earnings can be useful as a supplemental performance measure to our GAAP
results assessing the amount of earnings available for distribution.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Platform Adjusted
EBITDA</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Platform Adjusted EBITDA
represents the Company&rsquo;s Distributable Earnings adjusted for interest expense, the share repurchase costs related to the Company&rsquo;s
Buyback Program, other income (expense), and provision for income taxes on a basis that deconsolidates our consolidated funds (intercompany
eliminations) and eliminates noncontrolling interest. Eliminating the impact of consolidated funds and noncontrolling interest provides
investors a view of the performance attributable to CaliberCos Inc. and is consistent with performance models and analysis used by management.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Consolidated Adjusted
EBITDA</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Consolidated Adjusted EBITDA
represents the Company&rsquo;s and the consolidated funds&rsquo; earnings before net interest expense, income taxes, depreciation and
amortization, further adjusted to exclude stock-based compensation, transaction fees, expenses and other public registration direct costs
related to aborted or delayed offerings and our Reg A+ offering, the share repurchase costs related to the Company&rsquo;s Buyback Program,
litigation settlements, expenses recorded to earnings relating to investment deals which were abandoned or closed, any other non-cash
expenses or losses, as further adjusted for extraordinary or non-recurring items.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The following table presents
a reconciliation of net (loss) income attributable to CaliberCos Inc. to Fee-Related Earnings, Distributable Earnings, Platform Adjusted
EBITDA, and Consolidated Adjusted EBITDA for the nine months ended September&nbsp;30, 2024 and 2023 (in thousands):</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td colspan="6" style="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Nine
    Months Ended September&nbsp;30,</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; width: 74%; text-align: left">Net loss attributable to CaliberCos Inc.</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">(8,389</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">(10,342</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Net loss attributable
    to noncontrolling interests</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(2,188</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(13,165</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left">Net loss</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(10,577</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(23,507</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Provision for
    income taxes</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left">Net loss before income taxes</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(10,577</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(23,507</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Depreciation and amortization</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">447</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">409</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Consolidated funds&rsquo; impact on
    fee-related earnings</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,897</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">13,653</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Stock-based compensation</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,722</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">3,017</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif">Severance</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">203</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: right">19</td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Performance allocations</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(357</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(2,474</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Other income, net</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(1,015</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(1,479</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Interest expense,
    net</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">3,444</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">1,930</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left">Fee-Related Earnings</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(4,236</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(8,432</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Performance allocations</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">357</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">2,474</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Interest expense,
    net</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(3,444</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(1,930</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left">Distributable Earnings</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(7,323</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(7,888</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Interest expense</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">3,958</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">3,408</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif">Share buy-back</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">183</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Other income, net</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,015</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,479</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Consolidated funds&rsquo;
    impact on Caliber Adjusted EBITDA</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">642</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">14</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left">Platform Adjusted EBITDA</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(1,708</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(2,804</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Consolidated funds'
    EBITDA Adjustments</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">7,177</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">6,475</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt">Consolidated Adjusted EBITDA</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">5,469</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">3,671</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The following tables present
a reconciliation of platform revenues, expenses and net income to the most comparable GAAP measure for the nine months ended September&nbsp;30,
2024 and 2023 (in thousands):</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="10" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Nine Months
    Ended September&nbsp;30, 2024</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Platform</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Impact
    of<br>
    Consolidated<br>
    Funds</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Consolidated</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif">Revenues</td><td style="font-size: 10pt">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; width: 61%; text-align: left">Asset management</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">15,976</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">(3,050</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">12,926</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Performance allocations</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">378</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(21</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">357</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Consolidated funds &ndash; hospitality
    revenue</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">23,533</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">23,533</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Consolidated funds
    &ndash; other revenue</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">5,616</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">5,616</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left; padding-bottom: 1pt">Total revenues</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">16,354</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">26,078</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">42,432</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: bold 10pt Times New Roman, Times, Serif">Expenses</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Operating costs</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">15,971</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(582</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">15,389</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">General and administrative</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">5,490</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(30</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">5,460</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Marketing and advertising</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">508</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(1</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">507</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Depreciation and amortization</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">447</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(8</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">439</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Consolidated funds &ndash; hospitality
    expenses</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">23,191</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">23,191</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Consolidated funds
    &ndash; other expenses</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">5,405</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">5,405</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left; padding-bottom: 1pt">Total expenses</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">22,416</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">27,975</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">50,391</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Other income, net</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,468</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(453</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,015</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Interest income</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">514</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(189</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">325</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Interest expense</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(3,958</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(3,958</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: bold 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left">Net loss before income taxes</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(8,038</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(2,539</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(10,577</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.375in; text-align: left; padding-bottom: 1pt">Provision for
    income taxes</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: bold 10pt Times New Roman, Times, Serif; padding-left: 0.5in; text-align: left">Net loss</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(8,038</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(2,539</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(10,577</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.625in; text-align: left; padding-bottom: 1pt">Net loss attributable
    to noncontrolling interests</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(2,188</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(2,188</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: bold 10pt Times New Roman, Times, Serif; padding-left: 0.75in; text-align: left; padding-bottom: 2.5pt">Net loss
    attributable to CaliberCos Inc.</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(8,038</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(351</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(8,389</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="10" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Nine Months
    Ended September&nbsp;30, 2023</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Platform</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Impact
    of<br>
    Consolidated<br>
    Funds</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Consolidated</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif">Revenues</td><td style="font-size: 10pt">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; width: 61%; text-align: left">Asset management</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">10,977</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">(4,731</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">6,246</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Performance allocations</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">2,474</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">2,474</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Consolidated funds &ndash; hospitality
    revenue</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">52,008</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">52,008</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Consolidated funds
    &ndash; other revenue</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">6,264</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">6,264</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left; padding-bottom: 1pt">Total revenues</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">13,451</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">53,541</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">66,992</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: bold 10pt Times New Roman, Times, Serif">Expenses</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Operating costs</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">15,912</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">293</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">16,205</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">General and administrative</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">4,659</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">255</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">4,914</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Marketing and advertising</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">887</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">888</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Depreciation and amortization</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">197</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">212</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">409</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Consolidated funds &ndash; hospitality
    expenses</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">59,676</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">59,676</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Consolidated funds
    &ndash; other expenses</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">6,757</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">6,757</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left; padding-bottom: 1pt">Total expenses</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">21,655</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">67,194</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">88,849</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Other income, net</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">294</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,185</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,479</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Interest income</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,479</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(1,200</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">279</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Interest expense</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(3,409</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">1</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(3,408</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: bold 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left">Net loss before income taxes</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(9,840</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(13,667</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(23,507</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.375in; text-align: left; padding-bottom: 1pt">Provision for
    income taxes</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: bold 10pt Times New Roman, Times, Serif; padding-left: 0.5in; text-align: left">Net loss</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(9,840</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(13,667</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(23,507</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.625in; text-align: left; padding-bottom: 1pt">Net loss attributable
    to noncontrolling interests</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(13,165</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(13,165</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: bold 10pt Times New Roman, Times, Serif; padding-left: 0.75in; text-align: left; padding-bottom: 2.5pt">Net loss
    attributable to CaliberCos Inc.</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(9,840</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(502</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(10,342</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The following table presents
a reconciliation of net (loss) income attributable to CaliberCos Inc. to Fee-Related Earnings, Distributable Earnings, <font style="color: #231f20">Platform
Adjusted EBITDA, and Consolidated Adjusted EBITDA</font> for the years ended December&nbsp;31, 2023 and 2022 (in thousands):</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1pt; text-align: center; font-size: 10pt"><b>&nbsp;</b></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center"><b>&nbsp;</b></td>
    <td colspan="6" style="border-bottom: Black 1pt solid; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><b>Years
    Ended December&nbsp;31,</b></td><td style="padding-bottom: 1pt; text-align: center; font-size: 10pt"><b>&nbsp;</b></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1pt; text-align: center; font-size: 10pt"><b>&nbsp;</b></td><td style="padding-bottom: 1pt; text-align: center; font-size: 10pt"><b>&nbsp;</b></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><b>2023</b></td><td style="padding-bottom: 1pt; text-align: center; font-size: 10pt"><b>&nbsp;</b></td><td style="padding-bottom: 1pt; text-align: center; font-size: 10pt"><b>&nbsp;</b></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><b>2022</b></td><td style="padding-bottom: 1pt; text-align: center; font-size: 10pt"><b>&nbsp;</b></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; width: 74%; text-align: left">Net (loss) income attributable to CaliberCos
    Inc.</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">(12,703</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">2,020</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Net (loss) income
    attributable to noncontrolling interests</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(14,891</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">11,931</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left">Net (loss) income</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(27,594</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">13,951</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Provision for
    income taxes</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left">Net (loss) income before income taxes</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(27,594</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">13,951</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Depreciation and amortization</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">551</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">58</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Consolidated funds&rsquo; impact on
    fee-related earnings</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">14,020</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(11,551</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Stock-based compensation</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">3,726</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">460</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif">Severance</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">19</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Legal costs</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">525</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Public registration costs</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">779</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Performance allocations</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(3,639</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(2,543</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Other income, net</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(374</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(326</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Gain on extinguishment of debt</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(1,421</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Interest expense,
    net</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">4,367</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">877</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left">Fee-Related Earnings</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(8,924</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">809</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Performance allocations</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">3,639</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">2,543</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Interest expense,
    net</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(4,367</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(877</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left">Distributable Earnings</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(9,652</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">2,475</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Interest expense</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">4,717</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,055</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif">Share buy-back</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">183</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">313</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Other income, net</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">374</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">326</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Loss on CRAF Investment Redemption</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,339</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Gain on extinguishment of Payroll Protection
    Programs loans</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,421</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Consolidated funds&rsquo;
    impact on Caliber Adjusted EBITDA</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">1,788</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(71</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left">Platform Adjusted EBITDA</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(1,251</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">5,519</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Consolidated funds'
    EBITDA Adjustments</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">11,419</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">31,220</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt">Consolidated Adjusted EBITDA</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">10,168</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">36,739</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The following tables present
a reconciliation of platform revenues, expenses and net income to the most comparable GAAP measure for the years ended December&nbsp;31,
2023 and 2022 (in thousands):</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="10" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Years
    Ended December&nbsp;31, 2023</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Platform</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Impact
    of<br>
    Consolidated<br>
    Funds</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Consolidated</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif">Revenues</td><td style="font-size: 10pt">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; width: 61%; text-align: left">Asset management</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">16,982</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">(6,411</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">10,571</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Performance allocations</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">3,656</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(17</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">3,639</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Consolidated funds &ndash; hospitality
    revenue</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">68,905</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">68,905</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Consolidated funds
    &ndash; other revenue</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">7,822</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">7,822</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left; padding-bottom: 1pt">Total revenues</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">20,638</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">70,299</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">90,937</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: bold 10pt Times New Roman, Times, Serif">Expenses</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Operating costs</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">21,808</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(497</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">21,311</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-align: left">General and administrative</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">6,807</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(37</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">6,770</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Marketing and advertising</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,053</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(1</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,052</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Depreciation and amortization</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">551</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(1</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">550</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Consolidated funds &ndash; hospitality
    expenses</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">80,669</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">80,669</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Consolidated funds
    &ndash; other expenses</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">9,162</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">9,162</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left; padding-bottom: 1pt">Total expenses</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">30,219</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">89,295</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">119,514</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.25in; font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Consolidated funds &ndash; gain on
    sale of real estate investments</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">4,976</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">4,976</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Other income (loss), net</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">649</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(275</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">374</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Interest income</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,863</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(1,513</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">350</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Interest expense</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(4,716</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(1</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(4,717</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: bold 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left">Net loss before income taxes</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(11,785</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(15,809</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(27,594</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.375in; text-align: left; padding-bottom: 1pt">Provision for
    income taxes</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: bold 10pt Times New Roman, Times, Serif; padding-left: 0.5in; text-align: left">Net loss</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(11,785</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(15,809</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(27,594</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.625in; text-align: left; padding-bottom: 1pt">Net loss attributable
    to noncontrolling interests</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(14,891</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(14,891</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: bold 10pt Times New Roman, Times, Serif; padding-left: 0.75in; text-align: left; padding-bottom: 2.5pt">Net loss
    attributable to CaliberCos Inc.</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(11,785</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(918</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(12,703</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="10" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Years
    Ended December&nbsp;31, 2022</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Platform</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Impact
    of Consolidated Funds</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Consolidated</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif">Revenues</td><td style="font-size: 10pt">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; width: 61%; text-align: left">Asset management</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">21,575</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">(6,231</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">15,344</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Performance allocations</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">2,543</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">2,543</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Consolidated funds &ndash; hospitality
    revenue</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">59,564</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">59,564</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Consolidated funds
    &ndash; other revenue</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">6,505</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">6,505</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left; padding-bottom: 1pt">Total revenues</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">24,118</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">59,838</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">83,956</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: bold 10pt Times New Roman, Times, Serif">Expenses</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Operating costs</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">14,609</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">14,609</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">General and administrative</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">6,742</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(63</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">6,679</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Marketing and advertising</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,179</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,179</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Depreciation and amortization</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">44</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">14</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">58</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Consolidated funds &ndash; hospitality
    expenses</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">60,667</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">60,667</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Consolidated funds
    &ndash; other expenses</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">9,213</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">9,213</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left; padding-bottom: 1pt">Total expenses</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">22,574</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">69,831</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">92,405</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Consolidated funds &ndash; gain on
    sale of real estate investments</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">21,530</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">21,530</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Other income, net</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">256</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">70</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">326</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Gain on extinguishment of debt</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,421</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,421</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Interest income</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">177</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">178</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Interest expense</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(1,056</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">1</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(1,055</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left">Net income before income taxes</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">2,342</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">11,609</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">13,951</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.375in; text-align: left; padding-bottom: 1pt">Provision for
    income taxes</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; padding-left: 0.5in; text-align: left">Net income</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">2,342</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">11,609</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">13,951</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.625in; text-align: left; padding-bottom: 1pt">Net income attributable
    to noncontrolling interests</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">11,931</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">11,931</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; padding-left: 0.75in; text-align: left; padding-bottom: 2.5pt">Net income
    (loss) attributable to CaliberCos Inc.</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">2,342</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(322</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">2,020</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Liquidity and Capital Resources</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">At September&nbsp;30, 2024,
the Company had a portfolio of corporate notes, whose composition and characteristics are similar to those reported in prior fiscal periods.
At September&nbsp;30, 2024, the portfolio consists of 211 unsecured notes with an aggregate principal balance of $33.0 million, of which
$32.4 million mature within the 12-month period subsequent to November&nbsp;12, 2024. Each note generally has a 12-month term with an
option to extend for an additional 12-month term.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">On November&nbsp;26, 2024,
the Company filed a Certificate of Designations, Preferences and Rights (the &ldquo;Series&nbsp;A Certificate of Designation&rdquo;)
with the Secretary of State of the State of Delaware to establish the preferences, voting powers, limitations as to dividends or other
distributions, qualifications, terms and conditions of redemption and other terms and conditions of the Company&rsquo;s Series&nbsp;A
Convertible Preferred Stock, par value $0.001 (the &ldquo;Series&nbsp;A Preferred Stock&rdquo;). The Series&nbsp;A Preferred Stock is
subject to certain rights, preferences, privileges, and obligations, including voluntary and mandatory conversion provisions, as well
as beneficial ownership restrictions and share cap limitations, as set forth in the Series&nbsp;A Certificate of Designation and as more
fully described under &ldquo;<i>Description of Securities</i>&rdquo; below. Additionally, on November&nbsp;26, 2024, the Company issued
and sold 100,000 shares of Series&nbsp;A Preferred Stock for gross proceeds of $2,000,000.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Because the Company incurred
operating losses and negative cash flow from operations for the nine months ended September&nbsp;30, 2024, and could experience additional
future operating losses and negative cash flow in the near term, combined with the fact that the Company does not have sufficient cash
on hand to satisfy the total of the notes that mature within the next 12 months, these conditions and events raise substantial doubt
about the Company&rsquo;s ability to continue as a going concern. In response to these conditions, management considered the impact of
these near-term maturities on the Company.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Since the note program began,
these notes have demonstrated a high rate of extension of their terms. Subsequent to the issuance of its 2023 10-K, the Company has continued
its discussions with various lenders in pursuit of extending or refinancing its unsecured loans. Through September&nbsp;30, 2024, the
rate of extension of the current notes is consistent with or greater than prior reported fiscal periods. Management plans to continue
seeking and granting extensions on an ongoing basis consistent with prior reported fiscal periods.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Additionally, management
evaluated the impact a default of one or many of these notes might have on the Company. As these notes are unsecured, the terms in the
agreements do not afford the note holder avenues of recourse in a default that could or would impact the Company adversely in the normal
course of business, as the terms lack provisions for rights or claims against the Company&rsquo;s assets, nor is there a scenario where
a default could force liquidation of the Company. Management believes that even in the event of default of one or many of these notes,
the Company would be able to negotiate a waiver of the default either through an extension of the maturity or principal repayment schedule.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In addition, management
has implemented various plans to address operating losses and near-term maturities or demands for repayment of its notes. Consistent
with reported actions taken in prior fiscal periods, management plans to continue to i) negotiate extensions of such loans or refinance
such debt, ii) obtain new financing, iii) reduce operating costs, iv) collect all or part of its $13.3 million in receivables, v) collect
all or part of its $19.7 million investments from its managed funds, vi) increase capital raise through continued expansion of fundraising
channels, vii) sell or accept investment into its corporate headquarters, viii) place debt on unencumbered assets, and/or ix) generate
planned cash from operations.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In the execution of our
aforementioned plans, during the nine months ended September&nbsp;30, 2024, we collected $8.2 million of notes receivable and $2.7 million
of accounts receivable. The Company also executed a reduction in force of approximately 10% of its employees in May&nbsp;2024, with an
expected annual saving of compensation and benefits expenses of $4.0 million. The Company has also executed on cost reduction plans with
estimated annual savings of $2.5 million.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">After consideration of the
implemented and planned actions, in particular continuing to renew maturing unsecured corporate notes, there are no assurances that management&rsquo;s
actions will alleviate substantial doubt about the company&rsquo;s ability to continue as a going concern beyond one year from the date
that the consolidated financial statements are issued.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Each of our funds and the
related assets that are acquired or own equity interest in those funds are established as separate legal entities with limited liability.
Therefore, the cash flows generated by these entities, whether through operations or financing, are unavailable for general corporate
purposes, except as payment to the Company for services performed by the Company.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We have historically financed
our operations primarily through a combination of operating cash flows, private offerings of our equity securities, and secured and unsecured
debt. In addition, due to the consolidation of CFIF III, we recognize a revolving line of credit with a maximum borrowing amount of $4.5
million.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We hold our excess unrestricted
cash in bank accounts with several high-quality financial institutions.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Corporate Debt</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">As of September&nbsp;30,
2024, we have issued and outstanding unsecured promissory notes of $33.0 million with an average outstanding principal balance of $0.2
million, a weighted average interest rate of 11.41%, and maturity dates ranging from January&nbsp;2024 to April&nbsp;2026. The purpose
of this financing program is to provide the Company with flexible, short-term capital to be used to grow its assets under management
and assist funds in a fast-moving acquisition or investment, as well as general corporate purposes. Additionally, the program provides
customers of Caliber&rsquo;s funds access to a short-term lending opportunity. Management actively manages each relationship to determine
if the respective customer would like to redeem upon maturity or extend for an additional period of time. Management has historically
been successful at extending these note programs and, as a result, continues to expect similar outcomes. This outstanding debt resulted
in $1.0 million and $3.0 million of interest expense for the three and nine months ended September&nbsp;30, 2024, respectively, and $1.2
million and $2.9 million of interest expense for the three and nine months ended September&nbsp;30, 2023, respectively. The Company is
in compliance with its financial covenants and we expect to remain in compliance for the 12-month period subsequent to the date of this
offering.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Cash Flows Analysis</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The section below discusses
in more detail the Company&rsquo;s primary sources and uses of cash and primary drivers of cash flows within the Company&rsquo;s consolidated
statements of cash flows (in thousands).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="6" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Nine Months
    Ended September&nbsp;30,</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt">&nbsp;</td><td style="padding-bottom: 1pt; font-size: 10pt">&nbsp;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">$ Change</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Net cash provided by (used in):</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 61%; text-align: left">Operating activities</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">(199</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">(11,142</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">10,943</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Investing activities</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(14,364</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(43,955</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">29,591</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Financing activities</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">1,026</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">57,580</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(56,554</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt">Net change in cash and cash equivalents</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right">(13,537</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right">2,483</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right">(16,020</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="6" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Years Ended
    December 31,</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt">&nbsp;</td><td style="padding-bottom: 1pt; font-size: 10pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">$ Change</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td></tr>

<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif">Net cash provided by (used in):</td><td style="font-size: 10pt">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 61%; text-align: left">Operating activities</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">(18,720</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">(7,429</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">(11,291</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Investing activities</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(5,364</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(31,752</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">26,388</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Financing activities</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">25,790</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">38,583</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(12,793</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt">Net change in cash and cash equivalents</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right">1,706</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right">(598</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right">2,304</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The assets of our consolidated
funds, on a gross basis, can be substantially larger than the assets of our core business and, accordingly could have a substantial effect
on the accompanying statements of cash flows. The table below summarizes our consolidated statements of cash flow by activity attributable
to the Company and to our consolidated funds (in thousands).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>


<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="6" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Nine Months
    Ended September&nbsp;30,</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt">&nbsp;</td><td style="padding-bottom: 1pt; font-size: 10pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">$ Change</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td></tr>

<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 61%; text-align: left">Net cash used in the Company's operating activities</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">(6,643</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">(4,098</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">(2,545</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Net cash provided by (used in) the consolidated
    funds' operating activities</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">6,444</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(7,044</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">13,488</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Net cash used in the Company's operating
    activities</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right">(199</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right">(11,142</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right">10,943</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Net cash provided by (used in) the Company's investing activities</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">6,628</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(19,880</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">26,508</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Net cash used in the consolidated funds'
    investing activities</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(20,992</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(24,075</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">3,083</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Net cash used in the Company's investing
    activities</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right">(14,364</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right">(43,955</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right">29,591</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Net cash (used in) provided by the Company's financing activities</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(4,173</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">41,627</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(45,800</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Net cash provided by the consolidated
    funds' financing activities</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">5,199</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">15,953</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(10,754</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Net cash provided by the Company's financing
    activities</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right">1,026</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right">57,580</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right">(56,554</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt">Net change
    in cash and cash equivalents</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right">(13,537</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right">2,483</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right">(16,020</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>


<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="6" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Years Ended
    December 31,</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt">&nbsp;</td><td style="padding-bottom: 1pt; font-size: 10pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">$ Change</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td></tr>

<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 61%; text-align: left">Net cash used in the Company's operating activities</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">(7,153</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">(5,435</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">(1,718</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Net cash used in the consolidated funds'
    operating activities</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(11,567</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(1,994</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(9,573</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Net cash used in the Company's operating
    activities</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right">(18,720</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right">(7,429</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right">(11,291</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Net cash used in the Company's investing activities</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(3,487</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(810</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(2,677</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Net cash used in the consolidated funds'
    investing activities</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(1,877</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(30,942</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">29,065</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Net cash used in the Company's investing
    activities</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right">(5,364</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right">(31,752</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right">26,388</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Net cash provided by the Company's financing activities</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">24,706</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">8,452</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">16,254</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Net cash provided by the consolidated
    funds' financing activities</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">1,084</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">30,131</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(29,047</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Net cash provided by the Company's financing
    activities</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right">25,790</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right">38,583</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right">(12,793</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt">Net change
    in cash and cash equivalents</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right">1,706</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right">(598</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right">2,304</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Operating Activities</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our net cash flows from
operating activities are generally comprised of asset management revenues and performance allocations, less cash used for operating expenses,
including interest paid on our debt obligations. Net cash flows used in operating activities of the Company increased during the nine
months ended September&nbsp;30, 2024 as compared to the same period in 2023. The increase primarily related to increased interest payments
related to the Company&rsquo;s corporate notes during the nine months ended September&nbsp;30, 2024, as compared to the same period in
2023. Net cash flows provided by operating activities of the consolidated funds increased from the nine months ended September&nbsp;30,
2024, as compared to net cash flows used in operating activities of the consolidated funds during the same period in 2023. The increase
was primarily due to increased interest payments related to the consolidated funds notes payable and the deconsolidation of VIEs.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The increase in net cash
flows used in operating activities of the Company during the year ended December&nbsp;31, 2023, as compared to the same period in 2022,
was primarily related to increased interest payments related to the Company&rsquo;s corporate notes. The increase in net cash flows used
in operating activities of the consolidated funds during the year ended December&nbsp;31, 2023, as compared to the net cash flows provided
by operating activities during the same period in 2022, was primarily due to increased interest payments related to the consolidated
funds notes payable.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Investing Activities</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Net cash flows provided
by investing activities of the Company increased during the nine months ended September&nbsp;30, 2024 as compared to the net cash flows
used in investing activities of the Company for the same period in 2023. The increase primarily relates to an decrease in the acquisition
of real estate assets. The decrease in net cash flows used in investing activities of the consolidated funds during the nine months ended
September&nbsp;30, 2024 as compared to the same period in 2023 is primarily due to the deconsolidation of VIEs, offset by a decrease
in the acquisition of and investment in real estate assets and an increase in the net proceeds from notes receivable - related parties.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The increase in net cash
flows used in investing activities of the Company for the year ended December&nbsp;31, 2023, as compared to the same period in 2022,
primarily relates to an increase in the acquisition of real estate assets. The decrease in net cash flows used in investing activities
of the consolidated funds is primarily due to the decrease in the acquisition of real estate assets and the net impact of the consolidation
and deconsolidation of VIEs, offset by a decrease in proceeds from the sale of real estate investments.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Financing Activities</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Net cash flows used in financing
activities of the Company increased during the nine months ended September&nbsp;30, 2024 as compared to the net cash flows provided by
financing activities of the Company for the same period in 2023. The increase was primarily due to an decrease of $41.6 million of proceeds
on notes payable. The decrease in net cash flows provided by financing activities of the consolidated funds during the nine months ended
September&nbsp;30, 2024 as compared to the same period in 2023 is primarily due to a decrease in contributions from noncontrolling interest
holders of $6.4 million during the nine months ended September&nbsp;30, 2024 as compared to the same period in 2023.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The increase in net cash
flows provided by financing activities of the Company for the year ended December&nbsp;31, 2023, as compared to the same period in 2022,
was primarily due to an increase of $13.7 million of net proceeds on notes payable and an increase of $2.6 million in proceeds from the
issuance of common stock, net of equity issuance costs during the year ended December&nbsp;31, 2023 as compared to the same period in
2022. The decrease in net cash flows provided by financing activities of the consolidated funds is primarily due to a decrease in the
net proceeds from notes payable and notes payable &ndash; related parties of our consolidated funds of $12.9 million, an increase in
deferred financing costs paid of $2.3 million, and an increase in distributions to noncontrolling interest holders of $5.7 million during
the year ended December&nbsp;31, 2023 as compared to the same period in 2022.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Subsequent Events</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">On November 14, 2024, we
filed our Form 10-Q for the quarterly period ended September 30, 2024. Subsequently, we filed a Certificate of Designations, Preferences
and Rights (the &ldquo;Certificate of Designation&rdquo;) with the Secretary of State of the State of Delaware on November 26, 2024.
The Certificate of Designation establishes the preferences, voting powers, limitations as to dividends or other distributions, qualifications,
terms and conditions of redemption and other terms and conditions of the Company&rsquo;s Series A Convertible Preferred Stock, par value
$0.001 (the &ldquo;Series A Preferred Stock&rdquo;).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">There were seven hundred
fifty thousand (750,000) shares of the Series A Preferred Stock designated by this Certificate of Designation, of which we subsequently
sold 100,000 shares for total proceeds of $2.0 million. As of the date of this filing, 650,000 shares of our Series A Preferred Stock
designated on November 26, 2024, are available to issue by the Company.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Critical Accounting Estimates</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The preparation of our consolidated
financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect the reported amounts of assets,
liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. These estimates are made and evaluated
on an ongoing basis using information that is currently available as well as various other assumptions believed to be reasonable under
the circumstances. Actual results could differ from those estimates, perhaps in adverse ways, and those estimates could be different
under different assumptions or conditions.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Accounting Estimates of the Company</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We believe the following
critical accounting policies affect the Company&rsquo;s more significant estimates and judgements used in the preparation of our consolidated
financial statements.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Revenue Recognition</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In accordance with the Accounting
Standards Codification (&ldquo;ASC&rdquo;) 606, <i>Revenue from Contracts with Customers </i>(&ldquo;ASC 606&rdquo;), management applies
the five-step framework in determining the timing and amount of revenue to recognize. This framework requires an entity to: (i)&nbsp;identify
the contract(s)&nbsp;with customers, (ii)&nbsp;identify the performance obligations within the contract, (iii)&nbsp;determine the transaction
price, (iv)&nbsp;allocate the transaction price to the performance obligations within the contract, and (v)&nbsp;recognize revenue when
or as the entity satisfies a performance obligation.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Revenues from contracts
with customers includes fixed fee arrangements with related party affiliates to provide certain associated activities which are ancillary
to and generally add value to the assets we manage, such as set-up and fund formation services associated with marketing, soliciting,
and selling member interests in the affiliated limited partnerships, brokerage services, construction and development management services,
loan placement and guarantees. The recognition and measurement of revenue is based on the assessment of individual contract terms. For
performance obligations satisfied at a point in time, there are no significant judgments made in evaluating when the customer obtains
control of the promised service.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">For performance obligations
satisfied over time, significant judgment is required to determine how to allocate transaction prices where multiple performance obligations
are identified; when to recognize revenue based on appropriate measurement of the Company&rsquo;s progress under the contract; and whether
constraints on variable consideration should be applied due to uncertain future events. Transaction price is allocated to each distinct
performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. Variable consideration is included
in the estimated transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not
occur or when the uncertainty associated with the variable consideration is resolved. The Company&rsquo;s estimates of variable consideration
and determination of whether to include estimated amounts in transaction price are based largely on an assessment of its anticipated
performance and all information that is reasonably available to the Company. Revenues are recognized when control of the promised services
is transferred to customers in an amount that reflects the consideration the Company expects to be entitled to in exchange for those
services.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The following describes
revenue recognition for the fees the Company earns from providing services under its asset management platform:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Fund set-up fees are a one-time
fee for the initial formation, administration, and set-up of the private equity real estate fund. These fees are recognized at the point
in time when the performance under the contract is complete and are included in asset management revenues in the accompanying consolidated
statements of operations. Fund set-up fees replaced fund formation fees that are earned at a point in time at a fixed rate based on the
amount of capital raised into certain managed funds.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Fund management fees are
generally based on 1.0% to 1.5% of the unreturned capital contributions in a particular fund and include reimbursement for costs incurred
on behalf of the fund, including an allocation of certain overhead costs. These customer contracts require the Company to provide management
services, representing a performance obligation that the Company satisfies over time. With respect to the Caliber Hospitality Trust,
the Company earns a fund management fee of 0.7% of the Caliber Hospitality Trust&rsquo;s enterprise value and is reimbursed for certain
costs incurred on behalf of the Caliber Hospitality Trust. These revenues are included in asset management revenues in the accompanying
consolidated statements of operations.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Financing fees are earned
for services the Company performs in securing third-party financing on behalf of our private equity real estate funds. These fees are
recognized at the point in time when the performance under the contract is complete, which is essentially upon closing of a loan. In
addition, the Company earns fees for guaranteeing certain loans, representing a performance obligation that the Company satisfies over
time. These revenues are included in asset management revenues in the accompanying consolidated statements of operations.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Development and construction
revenues from contracts with customers include fixed fee arrangements with related party affiliates to provide real estate development
services as their principal developer, which include managing and supervising third-party developers and general contractors with respect
to the development of the properties owned by the funds. Revenues are generally based on 4.0% of the total expected costs of the development
or 4.0% of the total expected costs of the construction project. Prior to the commencement of construction, development fee revenue is
recognized at a point in time as the related performance obligations are satisfied and the customer obtains control of the promised service,
including negotiation, due diligence, entitlements, planning, and design activities. During the construction period, development fee
revenue is recognized over time as the performance obligations are satisfied. These revenues are included in asset management revenues
in the accompanying consolidated statements of operations.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Brokerage fees are earned
at a point in time at fixed rates for services performed related to acquisitions, dispositions, leasing, and financing transaction, and
are included in asset management revenues in the accompanying consolidated statements of operations.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Performance allocations
are an arrangement in which we are entitled to an allocation of investment returns, generated within the investment funds which we manage,
based on a contractual formula. We typically receive 15.0% to 35.0% of all cash distributions from (i)&nbsp;the operating cash flow of
each fund, after payment to the related fund investors of any accumulated and unpaid priority preferred returns and repayment of preferred
capital contributions; and (ii)&nbsp;the cash flow resulting from the sale or refinance of any real estate assets held by each fund,
after payment to the related fund investors of any accumulated and unpaid priority preferred returns and repayment of initial preferred
capital contributions. Our funds&rsquo; preferred returns range from 6.0% to 12.0%, typically 6.0% for common equity or 10.0% to 12.0%
for preferred equity, which does not participate in profits. Performance allocations are related to services which have been provided
and are recognized when it is determined that they are no longer probable of significant reversal, which is generally satisfied when
an underlying fund investment is realized or sold. These revenues are included in performance allocations in the accompanying consolidated
statements of operations.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Income Taxes</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company accounts for
income taxes under the asset and liability method in accordance with ASC 740, <i>Accounting for Income Taxes</i>. Deferred tax assets
and liabilities are determined based on temporary differences between the financial reporting and tax basis of assets and liabilities
and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured by applying enacted tax rates and
laws and are released in the years in which the temporary differences are expected to be recovered or settled. The effect on deferred
tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation
allowances are provided against deferred tax assets when it is more-likely-than-not that some portion or all of the deferred tax assets
will not be realized.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">A valuation allowance is
required to reduce the balance of a deferred tax asset if it is determined that it is more-likely-than-not that all or some portion of
the deferred tax asset will not be realized due to the lack of sufficient taxable income or other limitation on the Company&rsquo;s ability
to utilize the loss carryforward.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We recognize the impact
of an income tax position, if that position is more-likely-than-not of being sustained on audit, based on the technical merits of the
position. Related interest and penalties are classified as income taxes in the financial statements.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Accounting Estimates of Consolidated Funds</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We believe the following
critical accounting policies affect the consolidated funds&rsquo; more significant estimates and judgements used in the preparation of
our consolidated financial statements.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Consolidated Fund
Revenues</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In accordance with ASC 606,
our consolidated funds apply the five-step framework in determining the timing and amount of revenue to recognize. This framework requires
an entity to: (i)&nbsp;identify the contract(s)&nbsp;with customers, (ii)&nbsp;identify the performance obligations within the contract,
(iii)&nbsp;determine the transaction price, (iv)&nbsp;allocate the transaction price to the performance obligations within the contract,
and (v)&nbsp;recognize revenue when or as the entity satisfies a performance obligation. Our consolidated funds&rsquo; revenues primarily
consist of hospitality revenues, rental income and interest income.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><u>Consolidated funds &ndash; hospitality revenue</u></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Hospitality revenues are
comprised of charges for room rentals, food and beverage sales, and other hotel operating activities. Revenues are recognized as earned,
which is defined as the date upon which a guest occupies a room or utilizes the hotel&rsquo;s services. Revenues are recorded net of
sales tax.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our consolidated funds have
performance obligations to provide accommodations and other ancillary services to hotel guests. As compensation for such goods and services,
the consolidated funds are typically entitled to a fixed nightly fee for an agreed upon period and additional fixed fees for any ancillary
services purchased. These fees are generally payable at the time the hotel guest checks out of the hotel. The consolidated funds generally
satisfy the performance obligations over time and recognize the revenue from room sales and from other ancillary guest services on a
daily basis, as the rooms are occupied, and the services have been rendered.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">For food and beverage, revenue
is recognized upon transfer of promised products or services to customers in an amount that reflects the consideration the consolidated
funds received in exchange for those services, which is generally when payment is tendered at the time of sale.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The consolidated funds receive
deposits for events and rooms. Such deposits are deferred and included in other liabilities on the accompanying consolidated balance
sheets. The deposits are credited to consolidated funds &ndash; hospitality revenue when the specific event takes place.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><u>Consolidated funds &ndash; other revenue</u></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Consolidated funds &ndash;
other revenue primarily consists of rental revenue of $0.4 million and $1.3 million for the three and nine months ended September&nbsp;30,
2024, respectively, and $1.2 million and $3.5 million for the three and nine months ended September&nbsp;30, 2023, respectively. Rental
revenue includes the revenues generated primarily by the rental operations of the residential (multi-family and single-family) and commercial
properties of our consolidated funds.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Consolidated funds &ndash;
other revenue primarily consists of rental revenue of $4.0 million and $3.6 million for the years ended December&nbsp;31, 2023 and 2022,
respectively. Rental revenue includes the revenues generated primarily by the rental operations of the residential (multi-family and
single-family) and commercial properties of our consolidated funds.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Consolidated Fund Expenses</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Consolidated fund expenses
consist primarily of costs, expenses and fees that are incurred by, or arise out of the operation and activities of or otherwise related
to, our consolidated funds, including, without limitation, operating costs, depreciation and amortization, interest expense on debt held
by our consolidated funds, gain on extinguishment of debt, gain on derivative instruments, insurance expenses, professional fees and
other costs associated with administering and supporting those funds.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Fair Value of Financial Instruments</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The fair value of financial
instruments is disclosed in accordance with ASC 825, <i>Financial Instruments</i>. The fair value of our financial instruments is estimated
using available market information and established valuation methodologies. The estimates of fair value are not necessarily indicative
of the amounts the consolidated funds could realize on disposition of the financial instruments. The use of different market assumptions
and/or valuation methodologies may have a material effect on the estimated fair value amounts.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Item 3. Quantitative and Qualitative Disclosures About Market Risk</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><b><i>Market Risk</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The market risk associated with financial instruments and derivative
financial instruments is the risk of loss from adverse changes in market prices or interest rates. Our market risk arises primarily from
interest rate risk relating to variable-rate borrowings. To meet our short and long-term liquidity requirements, we borrow funds at a
combination of fixed and variable rates. Our interest rate risk management objectives are to limit the impact of interest rate changes
on earnings and cash flows and to manage our overall borrowing costs. To achieve these objectives, from time to time, we may enter into
interest rate hedge contracts such as swaps, caps, collars, treasury locks, options and forwards in order to mitigate our interest rate
risk with respect to various debt instruments. We would not hold or issue these derivative contracts for trading or speculative purposes.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><b><i>Interest Rate Risk</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As of September&nbsp;30, 2024, our debt included fixed-rate debt with
a fair value and carrying value of $53.6 million and $61.0 million, respectively. Changes in market interest rates on our fixed rate
debt impact the fair value of the debt, but they have no impact on interest incurred or cash flow. For instance, if interest rates rise
100 basis points, and the fixed rate debt balance remains constant, we expect the fair value of our debt to decrease, the same way the
price of a bond declines as interest rates rise.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As of September&nbsp;30, 2024, our debt included variable-rate debt
with a fair value and carrying value of $22.6 million. The sensitivity analysis related to our variable-rate debt assumes an immediate
100 basis point move in interest rates from their September&nbsp;30, 2024 levels, with all other variables held constant. A 100 basis
point increase or decrease in variable interest rates on our variable-rate debt would increase or decrease our interest expense by $0.2
million annually.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><b><i>Credit Risk</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Substantially all of the
Company&rsquo;s revenues are generated from the management, ownership and/or operations of real estate assets located in Alaska, Arizona,
Colorado, and Texas. The Company mitigates the associated risk by:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="text-align: justify">diversifying
                                            our investments in real estate assets across multiple asset types, including hospitality,
                                            commercial, single-family, multi-family, and self-storage properties;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="text-align: justify">diversifying
                                            our investments in real estate assets across multiple geographic locations including different
                                            markets and sub-markets in which our real estate assets are located;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="text-align: justify">diversifying
                                            our investments in real estate assets across assets at differing points of stabilization,
                                            and in varying states of cash flow optimization; and</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="text-align: justify">maintaining
                                            financing relationships with a diversified mix of lenders (differing size and type), including
                                            large national banks, local community banks, private equity lenders, and insurance companies.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><a name="sp10-001"></a><b>BUSINESS</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Over
the past 15 years</font>, Caliber has grown into a leading diversified alternative asset management firm, managing more than $2.9 billion
in assets under management (&ldquo;AUM&rdquo;) and assets under development (&ldquo;AUD&rdquo;). Caliber&rsquo;s primary goal is to enhance
the wealth of accredited investors seeking to make investments in middle-market assets. We strive to build wealth for our clients by
creating, managing, and servicing middle-market investment funds, private syndications, and direct investments. Through our funds, we
invest primarily in real estate, private equity, and debt facilities. We market and fundraise to private investors, family offices, and
institutions (&ldquo;Direct Channel&rdquo;) and to registered investment advisers and independent broker-dealers (&ldquo;Wholesale Channel&rdquo;).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We believe that we provide
investors attractive risk-adjusted returns by offering a balance of (i)&nbsp;structured offerings and ease of ownership, (ii)&nbsp;a
pipeline of investment opportunities, primarily projects that range in value between $5.0 million and $50.0 million, and (iii)&nbsp;an
integrated execution and processing platform. Our investment strategy leverages the local market intelligence and real-time data we gain
from our operations to evaluate current investments, generate proprietary transaction flow, and implement various asset management strategies.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">As an alternative asset
manager, we offer a full suite of support services and employ a vertically integrated approach to investment management. Our asset management
activities are complemented with transaction and advisory services, including development and construction management, acquisition and
disposition expertise, and fund formation, which we believe differentiate us from other asset management firms. We earn the following
fees from providing these services under our asset management platform:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="text-align: justify">Fund
                                            set-up fees are a one-time fee for the initial formation, administration, and set-up of fund
                                            products we distribute and manage. These fees are recognized at the point in time when the
                                            performance under the contract is complete.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="text-align: justify">Fund
                                            management fees are generally based on 1.0% to 1.5% of the unreturned capital contributions
                                            in a particular fund and include reimbursement for costs incurred on behalf of the fund,
                                            including an allocation of certain overhead costs. These customer contracts require the Company
                                            to provide management services, representing a performance obligation that the Company satisfies
                                            over time. With respect to the Caliber Hospitality Trust (as defined in Note 3 &ndash; VIEs),
                                            the Company earns an fund management fee of 0.70% of the Caliber Hospitality Trust&rsquo;s
                                            enterprise value and is reimbursed for certain costs incurred on behalf of the Caliber Hospitality
                                            Trust.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="text-align: justify">Financing
                                            fees are earned for services the Company performs in securing third-party financing on behalf
                                            of our private equity real estate funds. These fees are recognized at the point in time when
                                            the performance under the contract is complete, which is essentially upon closing of a loan.
                                            In addition, the Company earns fees for guarantying certain loans, representing a performance
                                            obligation that the Company satisfies over time.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="text-align: justify">Real
                                            estate development revenues are generally based on 4.0% of the total expected costs of the
                                            development or 4.0% of the total expected costs of the construction project for services
                                            performed as the principal developer, which include managing and supervising third-party
                                            developers and general contractors with respect to the development of the properties owned
                                            by the funds. Prior to the commencement of construction, development fee revenue is recognized
                                            at a point in time as the related performance obligations are satisfied and the customer
                                            obtains control of the promised service, including negotiation, due diligence, entitlements,
                                            planning, and design activities. During the construction period, development fee revenue
                                            is recognized over time as the performance obligations are satisfied.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="text-align: justify">Brokerage
                                            fees are earned at a point in time at fixed rates for services performed related to acquisitions,
                                            dispositions, leasing, and financing transactions.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="text-align: justify">Performance
                                            allocations are an arrangement in which we are entitled to an allocation of investment returns,
                                            generated within the investment funds which we manage, based on a contractual formula. We
                                            typically receive 15.0% to 35.0% of all cash distributions from (i)&nbsp;the operating cash
                                            flow of each fund, after payment to the related fund investors of any accumulated and unpaid
                                            priority preferred returns and repayment of preferred capital contributions; and (ii)&nbsp;the
                                            cash flow resulting from the sale or refinance of any real estate assets held by each fund,
                                            after payment to the related fund investors of any accumulated and unpaid priority preferred
                                            returns and repayment of initial preferred capital contributions. Our funds&rsquo; preferred
                                            returns range from 6.0% to 12.0%, typically 6.0% for common equity or 10.0% to 12.0% for
                                            preferred equity, which does not participate in profits. Performance allocations are related
                                            to services which have been provided and are recognized when it is determined that they are
                                            no longer probable of significant reversal, which is generally satisfied when an underlying
                                            fund investment is realized or sold.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We have a number of development,
redevelopment, construction, and entitlement projects that are underway or are in the planning stages, which we define as AUD. This category
includes projects to be built on undeveloped land and projects to be built and constructed on undeveloped lands, which are not yet owned
by our funds but are under contract to purchase. Completing these development activities may ultimately result in income-producing assets,
assets we may sell to third parties, or both. As of September&nbsp;30, 2024, we are involved in the development of 1,796 multifamily
units, 697 single family units, 3.7 million square feet of commercial and industrial, and 3.5 million square feet of office and retail.
If all of these projects are brought to completion, the total cost capitalized to these projects, which represents total current estimated
costs to complete the development and construction of such projects by us or a third party, is $2.1 billion, which we expect would be
funded through a combination of undeployed fund cash, third-party equity, project sales, tax credit financing and similar incentives,
and secured debt financing. We are under no obligation to complete these projects and may dispose of any such assets at any time. There
can be no assurance that AUD will ultimately be developed or constructed because of the nature of the cost of the approval and development
process and market demand for a particular use. In addition, the mix of residential and commercial assets under development may change
prior to final development. The development of these assets will require significant additional financing or other sources of funding,
which may not be available.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b>Investment Process and
Risk Management</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We maintain a rigorous investment
process across all our funds. Each fund has investment policies and procedures that generally contain investment parameters and requirements,
such as limitations relating to the types of assets, industries or geographic regions in which the fund will invest. An investment committee
reviews and evaluates investment opportunities in a framework that includes a qualitative and quantitative assessment of the key opportunities
and risks of investments.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our investment professionals
are responsible for the full life cycle of an investment, from evaluation, through execution, to exit. Investment professionals generally
submit investment opportunities for review and approval by our investment committee. The investment committee is comprised of executives
and senior leaders of the Company. When evaluating investment opportunities, the investment committee may consider, without limitation
and depending on the nature of the investment and its strategy, the quality of the asset in which the fund proposes to invest, likely
exit strategies, factors that could reduce the value of the asset at exit, and a range of economic and interest rate environments, macroeconomic
trends in the relevant geographic region or industry and the quality of the asset&rsquo;s business operations. Our investment committee
also incorporates, to the extent appropriate, environmental, social and governance (&ldquo;ESG&rdquo;) factors into the investment decision-making
process.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Existing investments are
reviewed and monitored on a regular basis by investment and asset management professionals. In addition, our investment professionals
and asset managers work directly with our portfolio companies&rsquo; directors, executives and managers to drive operational efficiencies
and growth.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b>Capital Invested In and
Alongside Our Investment Funds</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">To further align our interests
with those of investors in our investment funds, we have invested our own capital and that of certain of our personnel in the investment
funds that we sponsor and manage. Minimum general partner capital commitments to our investment funds are determined separately with
respect to each of our investment funds and, generally, are less than 5% of the limited partner commitments of any particular fund. We
determine whether to make general partner capital commitments to our funds in excess of the minimum required commitments based on, among
other things, our anticipated liquidity, working capital and other capital needs.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Investors in many of our
funds also receive the opportunity to make additional &ldquo;co-investments&rdquo; with the investment funds. Our employees, as well
as Caliber itself, also have the opportunity to make investments, in or alongside our funds and other vehicles we manage, in some instances
without being subject to management fees, carried interest or incentive fees. In certain cases, limited partner investors may pay additional
management fees or carried interest in connection with such co-investments.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b>Competition</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The asset management industry
is intensely competitive. We compete primarily on a regional, industry and asset class basis.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We face competition both
in the pursuit of fund investors and investment opportunities. Generally, our competition varies across business lines, geographies,
and financial markets. We compete for outside investors based on a variety of factors, including investment performance, investor perception
of investment managers&rsquo; drive, focus and alignment of interest, quality of service provided to and duration of relationship with
investors, business reputation, and the level of fees and expenses charged for services.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We compete for investment
opportunities based on a variety of factors, including breadth of market coverage and relationships, access to capital, transaction execution
skills, the range of products and services offered, innovation, and price.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We compete with real estate
funds, specialized funds, hedge fund sponsors, financial institutions, private equity funds, corporate buyers, and other parties. Many
of these competitors are substantially larger and have considerably greater financial, technical, and marketing resources than are available
to us. Many of these competitors have similar investment objectives to ours, which may create additional competition for investment opportunities.
Some of these competitors may also have a lower cost of capital and access to funding sources that are not available to us, which may
create competitive disadvantages for us with respect to investment opportunities. In addition, some of these competitors may have higher
risk tolerances, different risk assessments or lower return thresholds, which could allow them to consider a wider variety of investments
and to bid more aggressively than us for investments that we want to make. Corporate buyers may be able to achieve synergistic cost savings
with regard to an investment that may provide them with a competitive advantage in bidding for an investment.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The alternative investment
industry is highly competitive. Many of our competitors have greater financial resources and a broader market presence than we do. We
compete with respect to:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="text-align: justify">Competitive
                                            fee structures on our asset management services; and</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="text-align: justify">Diversification
                                            of our revenue stream across the deal continuum, including asset management revenues which
                                            include brokerage fees on buying and selling assets, construction management fees on repositioning
                                            assets, fund set up fees for the initial formation, administration, and set-up of fund products
                                            we distribute and manage.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b>Strategy and Competitive
Strengths</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We manage and administer
investment vehicles that allow investors to diversify their holdings into asset classes that would not be readily accessible to them
otherwise. We typically distribute cash to fund investors where there is either: (i)&nbsp;sufficient distributable cash derived from
the income of our investments (rents,&nbsp;etc.) or (ii)&nbsp;a capital event, such as a sale of an asset or a cash-out refinance. Caliber&rsquo;s
approach is to offer investors, and their wealth managers, products managed by a team aligned with their success. We believe our competitive
strengths include:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="text-align: justify"><b><i>Extensive
                                            relationship and sourcing network.</i></b> We leverage our relationships in order to source
                                            deals for our funds. In addition, our management has extensive relationships with major industry
                                            participants in each of the markets in which we currently operate. Their local presence and
                                            reputation in these markets enables them to cultivate key relationships with major holders
                                            of property inventory, in particular, financial institutions, throughout the real estate
                                            community.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="text-align: justify"><b><i>Targeted
                                            market opportunities.</i></b> We primarily focus on business and investment-friendly markets
                                            that have a long-term trend of population growth and income improvement, in particular focus
                                            on Alaska, Arizona, Colorado, and Texas. We generally avoid engaging in direct competition
                                            in over-regulated and saturated markets.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="text-align: justify"><b><i>Structuring
                                            expertise and speed of execution.</i></b> We believe we have developed a reputation of being
                                            able to quickly execute, as well as originate and creatively structure acquisitions, dispositions
                                            and financing transactions. We have experience in a variety of investment strategies, including
                                            direct property investments, joint ventures, participating loans and investments in performing
                                            and non-performing mortgages with the objective of long-term ownership.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="text-align: justify"><b><i>Vertically
                                            integrated platform for operational enhancement.</i></b> We believe in a hands-on approach
                                            to real estate investing and possess local expertise in brokerage, development management,
                                            and investment sales, which we believe enable us to invest successfully in select submarkets.
                                            Our goal is to optimize the use of in-house services for high margin, low volume tasks while
                                            using third-party services for high volume, low margin tasks.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="text-align: justify"><b><i>Focus
                                            on the middle market.</i></b> We believe our focus on middle market opportunities offers
                                            our investors significant alternatives to active, equity investing. This focus has allowed
                                            us to offer a diversified range of alternative investment opportunities, particularly for
                                            accredited investors.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="text-align: justify"><b><i>Risk
                                            protection and investment discipline.</i></b> We underwrite our investments based upon an
                                            examination of investment economics and an understanding of market dynamics and risk management
                                            strategies. We conduct an in-depth sensitivity analysis on each of our fund investments.
                                            This analysis applies various economic scenarios that include, where appropriate, changes
                                            to rental rates, absorption periods, operating expenses, interest rates, exit values and
                                            holding periods.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b>Our Growth Strategy</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We aim to continue building
wealth for our investors by expanding our business with the following strategies:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="text-align: justify"><b><i>Organic
                                            growth with our existing high net worth investor base.</i></b> We estimate that we currently
                                            service less than 1.0% of the current high net worth investor base in the United States.
                                            Using our established direct sales method, we intend to attract additional high net worth
                                            individuals to expand our number of customers and our assets under management.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="text-align: justify"><b><i>Expansion
                                            into additional distribution channels</i></b>. We intend to expand Caliber&rsquo;s recent,
                                            early success in accessing institutional channels by further expanding our fundraising activities
                                            directed to registered investment advisers (RIA), broker-dealers, family offices, and boutique
                                            institutions.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="text-align: justify"><b><i>New
                                            funds and strategies</i></b>. We intend to grow our assets under management (&ldquo;AUM&rdquo;)
                                            by expanding the number of available funds and strategies. We will look for complementary
                                            products and vehicles that utilize our existing vertically integrated infrastructure to allow
                                            us to continue to capture attractive risk-adjusted returns. These areas of investment could
                                            include private debt, venture capital and private equity. We expect these new funds and strategies
                                            will attract new investors, in addition to leveraging our existing investor base.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="text-align: justify"><b><i>Accretive
                                            acquisitions</i></b>. We plan to evaluate potential accretive acquisition opportunities to
                                            further grow our business. These acquisitions could include opportunities to expand our distribution
                                            capabilities, product offerings or geographic reach.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b>Human Capital Management</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Caliber&rsquo;s core principles
of accountability, respect, and transparency are at the heart of who we are and how we operate. Our employees are integral to Caliber&rsquo;s
culture of transparency, integrity, professionalism, and excellence. Our employees adhere to these core principles leading to our continued
success as an organization. Our professionals have decades of institutional experience in commercial, real estate, capital markets, alternative
investments, and mergers and acquisitions. We give our employees the opportunities to develop their skills and encourage them to collaborate
to achieve success.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">As of September&nbsp;30,
2024, we had 80 employees. None of our employees are currently covered by a collective bargaining agreement.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><i>Talent Acquisition, Development
and Retention</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We face intense competition
for qualified personnel. We believe the talent of our employees, in association with our rigorous investment process, has supported our
growth and investment performance over the past decade. We are focused on hiring, training, and developing the skills and careers of
our people. We provide opportunities for growth and development for our employees and support their personal and professional goals in
an effort to retain the most talented individuals.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We value diversity and inclusion
on our team. The opportunities we provide in conjunction with our reputation is what we believe makes us an attractive employer. We seek
to retain and incentivize the performance of our employees through our compensation structure. We enter into non-competition and non-solicitation
agreements with certain employees.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><i>Compensation and Benefits</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our compensation strategy
is designed to attract qualified talent, retain team members, and stay competitive within the talent market. Caliber continually evaluates
our compensation structure to ensure it aligns with the market and continues to be an attractive component of joining our team. Compensation
includes incentives for individual performance as well as overall success in meeting the Company&rsquo;s goals. We believe these additional
incentives encourage team members to perform at a high level.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We provide our team members
with competitive health and retirement offerings, as well as a variety of quality-of-life benefits, including flexible time-off, an employee
assistance program at no cost to the employee, a Company match for retirement plan contribution, tuition reimbursement, and overall support
for well-being and family planning resources.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b>Regulatory and Compliance
Matters</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our businesses, as well
as the financial services industry generally, are subject to extensive regulation, including periodic examinations, by governmental agencies
and self-regulatory organizations or exchanges in the jurisdictions in which we operate relating to, among other things, anti-money laundering
laws, and privacy laws with respect to client information, and some of our funds invest in businesses that operate in highly regulated
industries. Each of the regulatory bodies with jurisdiction over us oversee many aspects of financial services, including the authority
to grant, and in specific circumstances to revoke, permissions to engage in particular activities. Any failure to comply with these rules&nbsp;and
regulations could expose us to liability and/or reputational damage. The SEC and various self-regulatory organizations, state securities
regulators, and international securities regulators have in recent years increased their regulatory activities, including regulation,
examination, and enforcement in respect of asset management firms. Additional legislation, increasing regulatory oversight of fundraising
activities, changes in rules&nbsp;promulgated by self-regulatory organizations or exchanges or changes in the interpretation or enforcement
of existing laws and rules&nbsp;may directly affect our mode of operation and profitability.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We intend to continue to
conduct our operations so that neither we nor any subsidiaries we own nor ones we may establish will be required to register as an investment
company under the Investment Company Act of 1940, as amended (&ldquo;Investment Company Act&rdquo;). The loss of our exclusion from regulation
pursuant to the Investment Company Act could require us to restructure our operations, sell certain of our assets, or abstain from the
purchase of certain assets, which could have an adverse effect on our financial condition and results of operations. If we were deemed
an &ldquo;investment company&rdquo; under the Investment Company Act, applicable restrictions could make it impractical for us to continue
our business as conducted and could have a material adverse effect on our business.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b>Legal Proceedings</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">From time to time, we may
become involved in various lawsuits and legal proceedings which arise in the ordinary course of business. However, litigation is subject
to inherent uncertainties, and an adverse result in these or other matters may arise from time to time that may harm our business. We
are currently not aware of any such legal proceedings or claims that we believe will have a material adverse effect on our business,
financial condition or operating results.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #1d1c1d"><b><a name="sp10-002"></a>MANAGEMENT</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Directors and Executive Officers</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Set forth below is information
regarding each of the Company&rsquo;s current directors and executive officers. The executive officers serve at the by appointment of
the Board of Directors (the &ldquo;Board&rdquo;).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: black 1pt solid; width: 31%; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Name</b></font></td>
    <td style="width: 1%">&nbsp;</td>
    <td style="border-bottom: black 1pt solid; width: 14%; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Age</b></font></td>
    <td style="width: 1%">&nbsp;</td>
    <td style="border-bottom: black 1pt solid; width: 53%; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Title</b></font></td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">John C. &ldquo;Chris&rdquo; Loeffler,&nbsp;II</font></td>
    <td>&nbsp;</td>
    <td style="text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40</font></td>
    <td>&nbsp;</td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Executive Officer and Chairman of the Board</font></td></tr>
  <tr style="vertical-align: bottom; background-color: white">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jennifer Schrader</font></td>
    <td>&nbsp;</td>
    <td style="text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">42</font></td>
    <td>&nbsp;</td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">President and Vice-Chairperson</font></td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">William J. Gerber</font></td>
    <td>&nbsp;</td>
    <td style="text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">66</font></td>
    <td>&nbsp;</td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</font></td></tr>
  <tr style="vertical-align: bottom; background-color: white">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Michael Trzupek</font></td>
    <td>&nbsp;</td>
    <td style="text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">53</font></td>
    <td>&nbsp;</td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</font></td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Daniel P. Hansen</font></td>
    <td>&nbsp;</td>
    <td style="text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">54</font></td>
    <td>&nbsp;</td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</font></td></tr>
  <tr style="vertical-align: bottom; background-color: white">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lawrence Taylor</font></td>
    <td>&nbsp;</td>
    <td style="text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">59</font></td>
    <td>&nbsp;</td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</font></td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jade Leung</font></td>
    <td>&nbsp;</td>
    <td style="text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50</font></td>
    <td>&nbsp;</td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Financial Officer</font></td></tr>
  <tr style="vertical-align: bottom; background-color: white">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Roy Bade</font></td>
    <td>&nbsp;</td>
    <td style="text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">61</font></td>
    <td>&nbsp;</td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Development Officer</font></td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ignacio Martinez</font></td>
    <td>&nbsp;</td>
    <td style="text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">56</font></td>
    <td>&nbsp;</td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Operating Officer</font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Each of the Company&rsquo;s
executive officers and directors will hold office until their successors are duly elected and qualified. The background and principal
occupations of each officer and director are as follows:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>John
C. &ldquo;Chris&rdquo; Loeffler,&nbsp;II. </i></font>Mr.&nbsp;Loeffler has served as the Chief Executive Officer and Chairman of Caliber&rsquo;s
Board of Directors since its inception. As Chief Executive Officer, Mr.&nbsp;Loeffler directs and executes the global strategy, oversees
investments and fund management, and contributes to private and public capital formation. As a co-founder Mr.&nbsp;Loeffler took an early
role in forming the Company&rsquo;s financial and operational infrastructure and navigating the vertical integration of all real estate
and investment services. Prior to forming Caliber, Mr.&nbsp;Loeffler was in the audit and assurance practice for PwC in Phoenix, Arizona,
completing public company audits, developing control systems, and completing several acquisition or sale transactions. Mr.&nbsp;Loeffler
earned a Bachelor of Science degree in Business Administration with a concentration in Accounting from California Polytechnic State University,
San Luis Obispo. Mr.&nbsp;Loeffler also attended Universidad Complutense de Madrid (University of Madrid) in Madrid, Spain. In addition,
Mr.&nbsp;Loeffler is a Board Director for Zennihome Holdings,&nbsp;Inc., a technology-forward manufacturer of stackable housing units.
We believe that Mr.&nbsp;Loeffler&rsquo;s extensive knowledge of Caliber&rsquo;s business and his extensive corporate and leadership
experience as a co- founder of Caliber and its Chief Executive Officer qualifies him to serve on our Board of Directors.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Jennifer
Schrader. </i></font>Ms.&nbsp;Schrader has served as the President and Chief Operating Officer and as Vice-Chairperson and director of
Caliber since its inception. Since co-founding Caliber in 2009, Ms.&nbsp;Schrader has overseen the acquisition, design, repositioning,
and disposition of over $600 million in assets to date. In addition, she leads the Company&rsquo;s daily operations, inclusive of Caliber&rsquo;s
asset management activities, focusing on the execution of each investment&rsquo;s business plan over the asset&rsquo;s full lifecycle.
Prior to forming Caliber, Ms.&nbsp;Schrader was the Managing Partner of First United Equites, LLC, a Michigan business focused on acquiring,
renovating and selling homes for profit. Ms.&nbsp;Schrader serves as Chair of the Caliber Foundation, which was launched in 2021, and
on the Colangelo College of Business Advisory Board for Grand Canyon University in Phoenix, Arizona. Ms.&nbsp;Schrader attended Lawrence
Technological University in Michigan where she studied architecture and interior architecture. She holds a Real Estate Broker&rsquo;s
license from the Arizona School of Real Estate and Business. We believe that Ms.&nbsp;Schrader&rsquo;s extensive knowledge of Caliber&rsquo;s
business and her extensive corporate and leadership experience as a co-founder of Caliber and its President qualifies her to serve on
our Board of Directors.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Michael
Trzupek. </i></font>Mr.&nbsp;Trzupek has been a member of the Board of Directors of the Company since May&nbsp;2023. Mr.&nbsp;Trzupek
has been a member of our Advisory Board since May&nbsp;2019. He is currently the Chief Financial Officer for Imagination Technologies
a semiconductor and software design company based in the United Kingdom. From September&nbsp;2020 to April&nbsp;2022, Mr.&nbsp;Trzupek
served as the Chief Financial Officer of Core Scientific, one of the largest digital asset mining infrastructure providers in North America.
From February&nbsp;2019 to June&nbsp;2020, Mr.&nbsp;Trzupek served as the Chief Financial Officer of Premera Blue Cross, Washington&rsquo;s
leading health plan. Mr.&nbsp;Trzupek oversees accounting, financial planning and analysis, investment and treasury. Prior to joining
Premera Blue Cross, Mr.&nbsp;Trzupek served as Group Vice President for Providence St. Joseph Health System, executing finance functions,
strategic planning and budgeting, as well as the evaluation of affiliations, acquisitions and strategic investments. Prior to Providence
St. Joseph Health System, he was a Corporate Finance General Manager at Microsoft, focused on business planning for the Company&rsquo;s
hardware products, including Xbox and Surface. Mr.&nbsp;Trzupek began his financial career at Intel. Mr.&nbsp;Trzupek received his Master
of Business Administration from the University of Chicago. He is a member of the Board of Directors at the Seattle Aquarium, as well
as a former Advisory Board member for eCapital Advisors. We believe that Mr.&nbsp;Trzupek&rsquo;s extensive knowledge of Caliber&rsquo;s
business as a member of the Advisory Board of Caliber and his extensive corporate and leadership experience qualify him to serve on our
Board of Directors.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Daniel
P. Hansen. </i></font>Mr.&nbsp;Hansen has been a member of the Board of Directors of the Company since May&nbsp;2023. Mr.&nbsp;Hansen
has been a member of our Advisory Board since May&nbsp;2022. Mr.&nbsp;Hansen is currently the Global Head of Hyatt Studios, Hyatt Hotels
first extended stay upper-midscale brand in the Americas. He previously served as the Chairman, President and Chief Executive Officer
of Summit Hotel Properties,&nbsp;Inc. (NYSE:INN) from that company&rsquo;s initial public offering until his retirement in 2021. He served
on the Board of the American Hotel&nbsp;&amp; Lodging Association (AHLA) and as a trustee of the AHLA Foundation and on advisory councils
of multiple hotel brands. Mr.&nbsp;Hansen was recognized by Institutional Investor Magazine as a top small-cap executive in 2017, and
in 2018, received the EY Entrepreneur of The Year Award in the Texas region. Prior to joining The Summit Group, Mr.&nbsp;Hansen spent
11 years with Merrill Lynch in various leadership positions culminating as a Vice President and Regional Sales Manager in the Texas Mid-South
Region. Mr.&nbsp;Hansen graduated from South Dakota State University with a B.A. in Economics. We believe that Mr.&nbsp;Hansen&rsquo;s
extensive corporate and leadership experience qualify him to serve on our Board of Directors.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Lawrence
Taylor</i></font>. Mr.&nbsp;Taylor has been a member of the Board of Directors of the Company since August&nbsp;2023. Mr.&nbsp;Taylor
is President of Taylor Strategy Group advising companies on finance, strategy, growth initiatives and related activities. His experience
spans start-ups, private companies, and publicly traded companies across diverse industries, including casino gaming, hospitality, manufacturing,
aviation, commercial real estate, retail, and healthcare. Previously, Mr.&nbsp;Taylor served as Partner and Managing Director at Odyssey
Capital Group, Chief Financial Officer at Excorp Medical,&nbsp;Inc., Corporate Director of Investment Relations at Grand Casinos,&nbsp;Inc.,
and others. He is a Board Leadership Fellow of the National Association of Corporate Directors (NACD), is Directorship Certified by the
NACD, and was recognized as a &ldquo;Director to Watch&rdquo; in 2020 by the Private Company Director Magazine. Mr.&nbsp;Taylor earned
a bachelor&rsquo;s degree in finance from Louisiana Tech University.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Jade
Leung.</i></font> Mr.&nbsp;Leung has served as Caliber&rsquo;s Chief Financial Officer and corporate secretary since April&nbsp;2017.
As Chief Financial Officer, Mr.&nbsp;Leung oversees all aspects of accounting and controllership, financial planning and analysis, tax,
financial reporting, and treasury functions at Caliber. Before being named Chief Financial Officer, Mr.&nbsp;Leung served as Caliber&rsquo;s
Vice President of Finance and was responsible for managing and streamlining the Company&rsquo;s accounting and compliance functions across
all divisions and functions. In August&nbsp;2016, he was also named the Chief Compliance Officer for the Company&rsquo;s Arizona issuer-dealer,
Caliber Securities, LLC, which established a new revenue stream for the Caliber group of companies. Prior to joining Caliber, Mr.&nbsp;Leung
spent 12 years with PwC where he managed audit and accounting advisory services for some of PwC&rsquo;s largest Fortune 500 companies
in the United States, Canada, and Japan. Notably, Mr.&nbsp;Leung participated in over $1 billion of public market transactions and financing
arrangements. Mr.&nbsp;Leung earned an accounting degree from Ryerson University and a Bachelor of Arts degree in Psychology from the
University of British Columbia. Jade holds an active CPA license in the states of Arizona and Maine.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Roy
Bade.</i></font> Mr.&nbsp;Bade has served as the Chief Development Officer of Caliber since November&nbsp;2019. Roy is responsible for
managing real estate service lines provided by Caliber&rsquo;s vertically integrated group of operating businesses. His four areas of
responsibility include vertical and horizontal real estate development, construction, acquisitions, and project financing. Mr.&nbsp;Bade
joined Caliber in 2014 as Fund Manager and was quickly promoted to Executive Vice President and Fund Manager. He was responsible for
maximizing returns on existing properties and managing Caliber&rsquo;s development and construction activity. For nearly 30 years prior
to joining Caliber, Mr.&nbsp;Bade acted as the principal and managing partner of two businesses, Bade Commercial Services Inc and BCS
Development Group, LLC, which included the development, construction, and property management of commercial, retail and industrial properties
throughout Phoenix, Arizona. During this time, Mr.&nbsp;Bade developed, constructed and owned over 750,000 square feet of property. Mr.&nbsp;Bade
graduated from Washington State University with a Bachelor of Science in Business Information Systems, and holds a Commercial General
Contractor&rsquo;s license, and holds an Arizona Real Estate Broker&rsquo;s license.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>William
J. Gerber. </i></font>Mr.&nbsp;Gerber has been a member of the Board of Directors of the Company since May&nbsp;2023. Mr.&nbsp;Gerber
has been a member of our Advisory Board since April&nbsp;2019. Mr.&nbsp;Gerber has acted as a consultant since October&nbsp;2015. From
October&nbsp;2006 to October&nbsp;2015 Mr.&nbsp;Gerber served as Chief Financial Officer of TD Ameritrade Holding Corporation (Nasdaq:
AMTD) (&ldquo;TD Ameritrade&rdquo;), a provider of securities brokerage services and related technology-based financial services to retail
investors, traders and independent registered investment advisors, and has extensive financial experience. In May&nbsp;2007, he was named
Executive Vice President of TD Ameritrade. In his role as Chief Financial Officer, he oversaw investor relations, business development,
certain treasury functions and finance operations, including accounting, business planning and forecasting, external and internal reporting,
tax and competitive intelligence. From May&nbsp;1999 until October&nbsp;2006, he served as the Managing Director of Finance at TD Ameritrade,
during which time he played a significant role in evaluating merger and acquisition opportunities. Prior to joining TD Ameritrade, he
served as Vice President of Acceptance Insurance Companies,&nbsp;Inc., where he was responsible for all aspects of mergers and acquisitions,
investment banking activity, banking relationships, investor communications and portfolio management. Prior to joining Acceptance, Mr.&nbsp;Gerber
spent eight years with Coopers&nbsp;&amp; Lybrand, now known as PwC, serving as an audit manager primarily focusing on public company
clients. Mr.&nbsp;Gerber was named to Institutional Investor Magazine&rsquo;s All-America Executive Team as one of the top three CFOs
in the Brokerage, Asset Managers and Exchanges category (2012 and 2013). He was also named a member of the CNBC CFO Council (2013 and
2014). Since January&nbsp;2017, he has served on the Board of Directors of Northwestern Mutual Series&nbsp;Fund, a mutual fund company.
He has also served on the Board of Directors of the U.S. holding company for the Royal Bank of Canada since July&nbsp;2016 and Streck,&nbsp;Inc.,
a privately held company, since March&nbsp;2015. In addition, he serves on the Boys Town National Board of Trustees. Mr.&nbsp;Gerber
holds a B.B.A. in Accounting from the University of Michigan. Mr.&nbsp;Gerber holds a CPA license in the state of Michigan. We believe
that Mr.&nbsp;Gerber&rsquo;s extensive knowledge of Caliber&rsquo;s business as a member of the Advisory Board of Caliber and his extensive
corporate and leadership experience qualify him to serve on our Board of Directors.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Ignacio
Martinez.</i></font> Mr.&nbsp;Martinez has served as the Chief Operating Officer of the Company since April&nbsp;2024. Prior to serving
as Chief Operating Officer, Mr.&nbsp;Martinez was the Senior Vice President of Operations since he joined the Company in June&nbsp;2023.
Prior to joining Caliber, Mr.&nbsp;Martinez had served as Senior Vice President of Security, Risk and Compliance for Smartsheet (NYSE:
SMAR), an enterprise Software as a Service (SaaS) work management platform since July&nbsp;2017, where he played a key role in helping
to build and scale the business in preparation for its initial public offering. Mr.&nbsp;Martinez holds a degree in business from New
Mexico State University.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Material Proceedings</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">None of our directors or
executive officers has been involved in any events enumerated under Item 401(f)&nbsp;of Regulation S-K during the past ten years that
are material to an evaluation of the ability or integrity of such persons to be our directors or executive officers.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">No material proceedings
exist in which any of our directors or executive officers is an adverse party to the Company or any of its subsidiaries or has a material
interest adverse to the Company or any of its subsidiaries.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Family Relationships</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">There are no family relationships
among any of our executive officers or directors.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Board Independence</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We are listed on the Nasdaq
Capital Market (&ldquo;Nasdaq&rdquo;) and accordingly, we have applied Nasdaq listing standards in determining the &ldquo;independence&rdquo;
of the members of our Board of Directors. Based on the Nasdaq listing standards and after reviewing the relationships with members of
our Board, our Board of Directors has determined that William J. Gerber, Michael Trzupek, Daniel P. Hansen, and Lawrence Taylor qualify
as independent directors.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">While the Company is a &ldquo;controlled
company&rdquo; as defined under the NASDAQ rules&nbsp;and thus is entitled to an exemption from the majority independence rule, the Company
has not elected this exemption for its 2024 election of Directors but reserves the right to claim this exemption in the future.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Audit Committee</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our audit committee consists
of William J. Gerber, Daniel P. Hansen, and Michael Trzupek. Our Board of Directors has determined that each William J. Gerber, Daniel
P. Hansen, and Michael Trzupek satisfies the independence requirements under Nasdaq listing standards and Rule&nbsp;10A-3(b)(1)&nbsp;of
the Exchange Act. The chair of our audit committee is Mr.&nbsp;Trzupek, who our Board of Directors has determined is an &ldquo;audit
committee financial expert&rdquo; within the meaning of SEC regulations. Each member of our audit committee can read and understand fundamental
financial statements in accordance with applicable requirements. In arriving at these determinations, our Board of Directors has examined
each audit committee member&rsquo;s scope of experience and the nature of their employment in the corporate finance sector.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Code of Conduct and Code of Ethics</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We have adopted a written
code of conduct and code of ethics that applies to our directors, officers, and employees, including our principal executive officer,
principal financial officer, principal accounting officer, or controller, or persons performing similar functions. Current copies of
the codes are posted on the Corporate Governance section of our website, which are located at https://ir.caliberco.com/corporate-governance/governance-documents.
If we make any substantive amendments to, or grant any waivers from, the code of conduct and code of ethics for any officer or director,
we will disclose the nature of such amendment or waiver on our website or in a current report on Form&nbsp;8-K.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Upon written request to
our corporate secretary, we will provide you with a copy of our code of ethics, without cost.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1d1c1d"><b>Executive Compensation</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Compensation of Named Executive Officers</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The summary compensation
table below shows certain compensation information for services rendered in all capacities for the fiscal years ended December&nbsp;31,
2024 and 2023. Other than as set forth herein, no executive officer&rsquo;s salary and bonus exceeded $100,000 in any of the applicable
years. The following information includes the dollar value of base salaries, bonus awards, the number of stock options granted and certain
other compensation, if any, whether paid or deferred.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif">Name and Principal
    Position</td><td style="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td colspan="2" style="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Fiscal<br>
    Year</td><td style="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td colspan="2" style="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Salary</td><td style="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td colspan="2" style="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Bonus
    <sup>(1)</sup></b></font></td><td style="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td colspan="2" style="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Stock<br>
    Awards <sup>(2)</sup></b></font></td><td style="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td colspan="2" style="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Option<br>
    Awards</td><td style="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td colspan="2" style="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Incentive
    Plan<br>
    Compensation</td><td style="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td colspan="2" style="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>All
    Other<br>
    Compensation <sup>(3)</sup></b></font></td><td style="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td colspan="2" style="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Total</td><td style="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 19%">John C. &ldquo;Chris&rdquo; Loeffler,&nbsp;II</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 8%; text-align: right">2024</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 8%; text-align: right">490,000</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 8%; text-align: right">10,000</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 8%; text-align: right">326,087</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 8%; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 8%; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 8%; text-align: right">63,177</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 8%; text-align: right">889,264</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Chief Executive Officer and Chairman
    of the Board</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">2023</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">490,000</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">42,500</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">397,493</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">28,025</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">958,018</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Jennifer Schrader</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">2024</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">450,000</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">10,000</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">326,087</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">83,378</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">869,465</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">President&nbsp;&amp; Chief Operating
    Officer and Vice-Chairperson</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">2023</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">450,000</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">42,500</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">397,493</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">9,900</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">899,893</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Jade Leung</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">2024</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">375,000</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">20,000</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">253,623</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">13,800</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">662,423</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Chief Financial Officer</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">2023</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">375,000</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">219,175</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">311,360</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">8,250</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">913,785</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Roy Bade</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">2024</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">350,000</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">220,000</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">163,043</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">10,300</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">743,343</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Chief Development Officer</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">2023</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">350,000</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">315,344</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">358,999</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">6,750</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,031,093</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"></p>

<!-- Field: Rule-Page --><div style="margin-top: 0pt; margin-bottom: 0pt; width: 25%"><div style="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">(1)&nbsp; The
amounts reported in this column reflect cash bonus payments made in the respective year for performance.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">(2)&nbsp; The
amounts reported in this column reflect restricted stock units awarded in the respective year for performance.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">(3)&nbsp;The
amounts reported in this column represent employer 401(k)&nbsp;contributions. Mr.&nbsp;Loeffler&rsquo;s and Ms. Schrader&rsquo;s other
compensation includes loan guarantee fees of $70,952 and $69,578, respectively.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Employment Agreements</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company entered into
Executive Employment Agreement, dated January&nbsp;1, 2019, with each of John C. Loeffler, Jennifer Schrader, Jade Leung and Roy Bade
(each an &ldquo;Executive&rdquo;, and together the &ldquo;Executives&rdquo;). The Executive Employment Agreements (the &ldquo;Employment
Agreements&rdquo;) provide for certain base salary and termination payments to the Executives as follows:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Employment Agreements
are for an indefinite term until the agreement is terminated. Mr.&nbsp;Loeffler&rsquo;s annual base salary is $490,000 and his employment
agreement provides for compensation of $2,083.33 per month for any and all leadership services rendered in any capacity (&ldquo;Leadership
Compensation&rdquo;). Ms.&nbsp;Schrader&rsquo;s annual base salary is $450,000 and her employment agreement provides for Leadership Compensation
of $2,083.33 per month. Mr.&nbsp;Leung&rsquo;s annual base salary is $375,000 and his employment agreement provides for Leadership Compensation
of $2,083.33 per month. Mr.&nbsp;Bade&rsquo;s annual base salary is $350,000 and his employment agreement provides for Leadership Compensation
of $2,083.33 per month.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Following the termination
of the employment of an Executive under the circumstances described below, the Company will pay to Executive in accordance with its regular
payroll practices the following compensation and provide the following benefits:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="text-align: justify"><b>Death;
                                            Disability. </b>In the event that an Executive's employment is terminated by reason of an
                                            Executive's death or disability, an Executive or his/her estate, as the case may be, shall
                                            be entitled to the following payments: (i)&nbsp;payment of an Executive&rsquo;s Base Salary
                                            plus Leadership Compensation; (ii)&nbsp;any pro rata Bonus earned by an Executive; and (iii)&nbsp;payment
                                            of amounts and benefits available under the employee benefit plans.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="text-align: justify"><b>Termination
                                            by the Company for Cause. </b>In the event that an Executive's employment is terminated by
                                            the Company for cause, an Executive will not be entitled to compensation, pro rata Bonus
                                            or other benefits.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="text-align: justify"><b>Termination
                                            by the Company Without Cause. </b>In the event that an Executive's employment is terminated
                                            by the Company without cause, an Executive will be entitled to receive their Base Salary,
                                            any pro rata Bonus and any expenses earned or incurred through the date of termination. An
                                            Executive will be entitled to receive a severance payment of their current Base Salary plus
                                            Leadership Compensation for twelve (12) or thirty-six (36) months, depending on the Executive</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="text-align: justify"><b>Voluntary
                                            Resignation by Executive for Good Reason. </b>In the event of an Executive's resignation
                                            for Good Reason, an Executive will be entitled to receive their Base Salary plus Leadership
                                            Compensation, any pro rata Bonus and any expenses earned or incurred through the date of
                                            termination. An Executive will be entitled to receive a severance payment of their current
                                            Base Salary plus Leadership Compensation for twelve (12) or thirty-six (36) months, depending
                                            on the Executive.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="text-align: justify"><b>Resignation.
                                            </b>In the event an Executive resigns from the Company regardless of circumstances or reason,
                                            the Executive shall be entitled to receive only the Base Salary plus Leadership Compensation
                                            and Bonus earned by him through the effective date of his resignation</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In September&nbsp;2022,
Caliber adopted new compensation arrangements for its Named Executive Officers; these arrangements are in the process of being reduced
to formal agreements which will replace existing agreements in place with such officers. Other than as set forth below, each of the formal
agreements will contain identical terms and conditions. The agreements will (i)&nbsp;provide for at-will employment, (ii)&nbsp;provide
an auto allowance equal to $19,500 per year, (iii)&nbsp;provide for severance equal to 12 months of salary upon termination without cause
or voluntary resignation for good reason and (iv)&nbsp;require that the Named Executive Officer shall devote substantially all of his/her
time and attention to the performance of his/her duties and responsibilities for and on behalf of Caliber except as may be consented
to by Caliber.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company entered into
an Employment Agreement, dated May&nbsp;25, 2023, with Ignacio Martinez. The Employment Agreement is for an indefinite term until the
agreement is terminated. Mr.&nbsp;Martinez&rsquo;s annual base salary is $325,000. He is eligible to receive an annual bonus based on
performance of up to 125% of his base compensation and long-term incentives via the Company&rsquo;s 2017 Incentive Stock Plan.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The following table sets
forth the agreed to compensation arrangements with each of our Named Executive Officers:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif">Name</td><td style="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Base Salary</td><td style="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Maximum
    <br>
    Bonus as a<br>
    Percentage of<br>
    Base Salary</td><td style="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Maximum<br>
    Bonus <sup>(1)</sup></b></font></td><td style="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Long
    Term<br>
    Incentive <sup>(2)</sup></b></font></td><td style="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Total<br>
    Compensation<br>
    Potential</td><td style="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 39%; text-align: left">John C. &ldquo;Chris&rdquo; Loeffler,&nbsp;II</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">490,000</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">200</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">%</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">980,000</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">450,000</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">1,920,000</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Jennifer Schrader</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">450,000</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">150</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">675,000</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">450,000</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,575,000</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Jade Leung</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">375,000</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">100</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">375,000</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">350,000</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,100,000</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Roy Bade</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">350,000</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">150</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">525,000</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">225,000</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,100,000</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">(1)&nbsp; Bonuses
are discretionary, will be dependent on both individual and company performance and will be issued following the close of each year.
The amounts listed in the Bonus $ are target totals assuming the Named Executive Officer achieves his/her designated goals and expected
outcomes in the annual plan.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">(2)&nbsp; The
LTI will be payable in the form of RSU's from the 2017 Incentive Stock Plan and are subject to vesting further to the provisions of the
Plan. The calculation of total shares to issue for the year will be completed annually as of the first business day each year and the
corresponding share price average for the preceding 20 trading days, or as otherwise agreed upon by the Board of Directors.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Other than the employment
arrangements described above, we have not entered into any arrangements providing for payments or benefits in connection with the resignation,
severance, retirement or other termination of any of our named executive officers, changes in their compensation or a change in control.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In general, Caliber's pay
philosophy with respect to its Named Executive Officers is to target at or about the market median of peer group companies for a Named
Executive Officer's total compensation, with actual compensation varying based on performance and tenure.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Caliber makes such compensation
decisions for the Named Executive Officers based on:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="text-align: justify">The
                                            Company's strategic and human resources objectives;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="text-align: justify">Competitive
                                            data for peer group companies and for a broader group of asset management firms;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="text-align: justify">Corporate
                                            and individual performance on key initiatives;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="text-align: justify">Corporate
                                            performance compared to our competitors;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="text-align: justify">Economic
                                            conditions;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="text-align: justify">Advice
                                            of outside executive compensation consultants and that of our Advisory Board; and</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="text-align: justify">How
                                            the elements of compensation contribute to and interrelate to total compensation.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The peer group of companies
was compiled by an unaffiliated compensation consultant's study. The compensation consultant recommends an appropriate peer group of
public, similarly sized, asset management companies, considering the Company's and the competitors' strategy, mix of business and size,
as measured primarily by annual revenues, market capitalization and total assets. These companies are the major competitors in one or
more of the Company's businesses, but none represent the exact business mix of the Company. Caliber strives to target compensation for
the Named Executive Officers at the median of the compensation of the named executive officers at the peer group companies.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Potential Payments Upon Termination or Change-In-Control</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Employment Agreements,
and the employment arrangements approved in 2022, provide for severance benefits upon a termination of employment under certain circumstances.
For a discussion regarding the benefits see &ldquo;<i>Employment Agreement</i>.&rdquo;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Outstanding Equity Awards at Fiscal Year End
Tables</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="padding-bottom: 1pt; width: 30%; text-align: left">&nbsp;</td><td style="padding-bottom: 1pt; text-align: center; width: 1%">&nbsp;</td>
                                                    <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: center; width: 1%">&nbsp;</td>
                                                    <td style="border-bottom: Black 1pt solid; text-align: center; width: 67%"><b>Option
                                            Awards</b></td>
    <td style="padding-bottom: 1pt; width: 1%">&nbsp;</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif">Name</td><td style="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Number
                                            of<br>
                                            Securities<br>
                                            Underlying<br>
                                            Unexercised<br>
                                            Options<br>
                                            Exercisable</b></font></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td>
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Number
                                            of<br>
                                            Securities<br>
                                            Underlying<br>
                                            Unexercised<br>
                                            Options<br>
                                            Unexercisable</b></font></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td>
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Equity
                                            Incentive<br>
                                            Plan Awards:<br>
                                            Number of<br>
                                            Securities<br>
                                            Underlying<br>
                                            Unexercised<br>
                                            Unearned Options</b></font></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Option
                                            <br>
                                            Exercise Price</b></font></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Option<br>
    Expiration<br>
    Date</td>
    <td>&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">John C. &ldquo;Chris&rdquo; Loeffler,&nbsp;II</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><b>&mdash;</b></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">N/A</td>
    <td>&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Jennifer Schrader</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><b>&mdash;</b></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">N/A</td>
    <td>&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 30%; text-align: left">Jade Leung</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right">386,436</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right"><b>&mdash;</b></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right">3.35</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right">1/1/2026</td>
    <td style="width: 1%">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">59,452</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><b>&mdash;</b></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">5.85</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">12/31/2019</td>
    <td>&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Roy Bade</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">445,888</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><b>&mdash;</b></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">3.35</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1/1/2026</td>
    <td>&nbsp;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 31%; text-align: left">&nbsp;</td><td style="text-align: center; width: 1%">&nbsp;</td>
                                                                                   <td style="border-bottom: Black 1pt solid; text-align: center; width: 1%">&nbsp;</td>
                                                                                   <td style="border-bottom: Black 1pt solid; text-align: center; width: 66%"><b>Stock
                                            Awards</b></td>
                                                                                   <td style="text-align: center; width: 1%">&nbsp;</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif">Name</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Number
                                            of Shares or<br>
                                            Units of Stock that<br>
                                            have not Vested</b></font></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Market
                                            Value of<br>
                                            Shares or Units of<br>
                                            Stock that have not<br>
                                            Vested</b></font></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Equity
                                            Incentive Plan<br>
                                            Awards:&nbsp;&nbsp;Number of<br>
                                            Unearned Shares,<br>
                                            Units or Other Rights<br>
                                            that have not Vested</b></font></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Equity
                                            Incentive Plan<br>
                                            Awards: Market or<br>
                                            Payout Value of<br>
                                            Unearned Shares,<br>
                                            Units or Other Rights<br>
                                            that have not Vested</b></font></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 31%; font: 10pt Times New Roman, Times, Serif; text-align: left">John C. &ldquo;Chris&rdquo; Loeffler,&nbsp;II</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="width: 15%; font: 10pt Times New Roman, Times, Serif; text-align: right">301,131</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 15%; font: 10pt Times New Roman, Times, Serif; text-align: right">388,459</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="width: 15%; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 15%; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Jennifer Schrader</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">301,131</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">388,459</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Jade Leung</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">255,930</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">330,150</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Roy Bade</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">285,915</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">368,830</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Recovery of Erroneously Awarded Compensation</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Board adopted a clawback
policy (the &ldquo;Clawback Policy&rdquo;) effective as of May&nbsp;15, 2023. The Clawback Policy, which is administered by the Compensation
Committee of the Board of Directors, applies to current and former executive officers of the Company (each an &ldquo;Covered Person&rdquo;).
In the event the Company is required to prepare an accounting restatement of its financial results as a result of a material noncompliance
by the Company with any financial reporting requirement under the federal securities laws, the Company will have the right to use reasonable
efforts to recover from any Covered Person who received incentive compensation (whether cash or equity) from the Company during the three-year
period preceding the date on which the Company was required to prepare the accounting restatement, any excess incentive compensation
awarded as a result of the misstatement. As of December&nbsp;31, 2023, there have been no Restatements that would require recovery of
erroneously awarded compensation under the Clawback Policy.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Director Compensation</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The following table sets
forth all compensation paid to or earned by each non-employee director of the Company during fiscal year December&nbsp;31, 2024.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif">Name</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Fees
    Earned or<br>
    Paid in Cash <sup>(1)</sup></b></font></td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Option
    Awards</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Stock
    Awards</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Total</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 48%; text-align: left">William J. Gerber</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">75,000</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">47,072</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">122,072</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Michael Trzupek</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">75,000</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">47,072</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">122,072</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Daniel P. Hansen</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">75,000</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">47,072</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">122,072</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Lawrence Taylor</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">75,000</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">50,937</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">125,937</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">(1)&nbsp;
The amounts listed in this column represent the retainer paid to each director for their service on the board and any committees on which
they served during 2024.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Compensation Arrangements</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our non-employee director
compensation is comprised of cash compensation. Further, we reimburse all of our non-employee directors for their reasonable expenses
incurred in attending meetings of our Board and committees of the Board.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Board believes that
a significant portion of director compensation should align director interests with the long-term interests of stockholders. The Board
makes changes in its director compensation practices only upon the recommendation of the Compensation Committee, and discussion and approval
by the Board.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our Board, following the
Compensation Committee&rsquo;s recommendation, has approved the compensation of our non-employee directors, as described below. The Compensation
Committee believes that our non-employee director compensation remains aligned with director compensation practices at our peer companies
while considering the ongoing cash constraints of the Company.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For 2024, our non-employee director annual
compensation consisted of $62,500 in cash.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Equity Incentive Plans</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Incentive Stock Plans</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We have adopted a 2017 Incentive
Stock Plan (the &ldquo;2017 Plan&rdquo;). An aggregate of 5.0 million shares of our Class&nbsp;A common stock is reserved for issuance
and available for awards under the 2017 Plan, including incentive stock options granted under the 2017 Plan. In December&nbsp;2021, the
2017 Plan was amended and restated to increase the number of shares of our common stock reserved for issuance to 10.0 million aggregate
shares. The 2017 Plan administrator may grant awards to any employee, director, consultant or other person providing services to us or
our affiliates. As of December&nbsp;31, 2023 and 2022, options representing 2,285,601 and 2,003,088 shares, respectively, have been awarded
and are outstanding under the 2017 Plan. As of December&nbsp;31, 2022 and 2021, restricted stock units representing 2,386,786 and 396,955
shares have been awarded and are outstanding under the 2017 Plan, respectively.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">On June 28, 2024, at the
annual meeting of stockholders&rsquo; of CaliberCos Inc., the CaliberCos Inc. 2024 Equity Incentive Plan (the &ldquo;2024 Plan&rdquo;)
was approved by the stockholders&rsquo;, enabling the Board to begin granting equity awards under the 2024 Plan adopted by the Board
on May 14, 2024. The 2017 Plan, has remained in place for the issuance of shares of our Class A Common Stock pursuant to equity compensation
awards granted and outstanding under the 2017 Plan, of which awards will continue to be governed by the terms of the 2017 Plan. The 2024
Plan reserves 4,000,000 shares of our Class A Common Stock for issuance pursuant to awards granted under the 2024 Plan.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Equity Compensation Plan Information</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following chart reflects the number of
securities granted under equity compensation plans approved and not approved by stockholders and the weighted average exercise price
for such plans as of December&nbsp;31, 2024.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif">Plan Category</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">(a)&nbsp;Number
    of Securities<br>
    to be Issued Upon<br>
    Exercise of Outstanding<br>
    Options, Warrants and<br>
    Rights</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(b)&nbsp;Weighted-Average<br>
    Exercise Price of<br>
    Outstanding Options,<br>
    Warrants and Rights <sup>(1)</sup></b></font></td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">(c)&nbsp;Number
    of Securities<br>
    Remaining Available for<br>
    Future Issuance Under<br>
    Equity Compensation<br>
    Plans (Excluding<br>
    Securities Reflected in<br>
    Column (a))</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 46%; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Equity
    compensation plans approved by security holders</font></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: right">8,301,825</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: right">3.11</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: right">9,198,175</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Equity compensation plans not approved by security holders</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">(1)&nbsp; Represents
the exercise price of outstanding stock options.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><a name="sp10-003"></a>SECURITY OWNERSHIP OF
CERTAIN BENEFICIAL OWNERS AND MANAGEMENT</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The following table sets
forth information with respect to the beneficial ownership of our shares as of February 14, 2025:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="text-align: justify">each
                                            named executive officer;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="text-align: justify">each
                                            of our directors;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="text-align: justify">our
                                            directors and executive officers as a group; and</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="text-align: justify">each
                                            person or entity known by us to own beneficially more than 5% of our Class&nbsp;A common
                                            stock and Class&nbsp;B common stock (by number or by voting power)</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In accordance with the rules&nbsp;and
regulations of the SEC, and the information is not necessarily indicative of beneficial ownership for any other purpose. Except as indicated
by the footnotes below, we believe, based on information furnished to us, that the persons and entities named in the table below have
sole voting and sole investment power with respect to all shares that they beneficially own, subject to applicable community property
laws.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Applicable
                                            percentage ownership is based on 15,056,356 shares of Class A Common Stock and 7,416,414
                                            shares of Class B Common Stock outstanding at February 14, 2025. In computing the number
                                            of shares beneficially owned by a person and the percentage ownership of such person, we
                                            deemed to be outstanding all shares subject to options held by the person that are currently
                                            exercisable and all shares subject to options and stock awards held by the person that will
                                            be exercisable or vest based on service-based vesting conditions within 60 days of February
                                            14, 2025. However, except as described above, we did not deem such shares outstanding for
                                            the purpose of computing the percentage ownership of any other person.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Unless otherwise indicated,
the address for each beneficial owner listed in the table below is c/o CaliberCos Inc. 8901 E. Mountain View Rd., Ste 150, Scottsdale,
Arizona 85258.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="18" style="border-bottom: black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Shares
    Beneficially Owned </b></font><b><font style="font-size: 10pt"><sup>(1)</sup></font></b></td>
    <td style="padding-bottom: 1pt">&nbsp;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="6" style="border-bottom: black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Class
    A Common Stock</b></font></td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="6" style="border-bottom: black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Class
    B Common Stock</b></font></td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>%
    Total<br>
    Voting</b></font></td>
    <td style="padding-bottom: 1pt">&nbsp;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: black 1pt solid"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Name of
    Beneficial Owner</b></font></td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Shares</b></font></td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>%</b></font></td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Shares</b></font></td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>%</b></font></td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Power
    </b></font><b><font style="font-size: 10pt"><sup>(2) (3)</sup></font></b></td>
    <td style="padding-bottom: 1pt">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="padding-left: 9.25pt; text-indent: -9pt; width: 40%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Named
    Executive Officers and Directors</b></font></td>
    <td style="width: 2%">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="text-align: right; width: 8%">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 2%">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="text-align: right; width: 8%">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 2%">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="text-align: right; width: 8%">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 2%">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="text-align: right; width: 8%">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 2%">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="text-align: right; width: 8%">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: white">
    <td style="padding-left: 9.25pt; text-indent: -9pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jennifer
    Schrader </font><font style="font-size: 10pt"><sup>(4)</sup></font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">271,288</font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.46</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%&nbsp;</font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,709,693</font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50.0</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40.9</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</font></td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="padding-left: 9.25pt; text-indent: -9pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">John
    C. Loeffler, II </font><font style="font-size: 10pt"><sup>(5)</sup></font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">291,287</font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.57</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%&nbsp;</font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,706,721</font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50.0</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40.9</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</font></td></tr>
  <tr style="vertical-align: bottom; background-color: white">
    <td style="padding-left: 9.25pt; text-indent: -9pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Roy
    Bade </font><font style="font-size: 10pt"><sup>(6)</sup></font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">739,700</font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.3</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</font></td>
    <td>&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="padding-left: 9.25pt; text-indent: -9pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jade
    Leung </font><font style="font-size: 10pt"><sup>(7)</sup></font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">832,944</font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.9</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</font></td>
    <td>&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: white">
    <td style="padding-left: 9.25pt; text-indent: -9pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">William
    Gerber </font><font style="font-size: 10pt"><sup>(8)</sup></font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">153,982</font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</font></td>
    <td>&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="padding-left: 9.25pt; text-indent: -9pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Michael
    Trzupek </font><font style="font-size: 10pt"><sup>(9)</sup></font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">152,036</font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</font></td>
    <td>&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: white">
    <td style="padding-left: 9.25pt; text-indent: -9pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Daniel
    P. Hansen </font><font style="font-size: 10pt"><sup>(10)</sup></font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">235,125</font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.4</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%&nbsp;</font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</font></td>
    <td>&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="padding-left: 9.25pt; text-indent: -9pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lawrence
    Taylor </font><font style="font-size: 10pt"><sup>(13)</sup></font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">134,101</font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</font></td>
    <td>&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: white">
    <td style="padding-bottom: 1pt; padding-left: 9.25pt; text-indent: -9pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ignacio
    Martinez </font><font style="font-size: 10pt"><sup>(11)</sup></font></td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: black 1pt solid">&nbsp;</td>
    <td style="border-bottom: black 1pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">241,860</font></td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: black 1pt solid">&nbsp;</td>
    <td style="border-bottom: black 1pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.3</font></td>
    <td style="padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%&nbsp;</font></td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: black 1pt solid">&nbsp;</td>
    <td style="border-bottom: black 1pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</font></td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: black 1pt solid">&nbsp;</td>
    <td style="border-bottom: black 1pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</font></td>
    <td style="padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</font></td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: black 1pt solid">&nbsp;</td>
    <td style="border-bottom: black 1pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</font></td>
    <td style="padding-bottom: 1pt">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="padding-left: 9.25pt; text-indent: -9pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Directors,
    Director Nominees and Executive Officers as a Group (9 Persons) </b></font><b><font style="font-size: 10pt"><sup>(12)</sup></font></b></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,390,736</font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">17.8</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7,416,414</font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100.0</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">84.6</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</font></td></tr>
  <tr style="vertical-align: bottom; background-color: white">
    <td style="padding-left: 9.25pt; text-indent: -9pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5%
    Beneficial Owners:</font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="padding-left: 9.25pt; text-indent: -9pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Donnie
    R. Schrader </font><font style="font-size: 10pt"><sup>(14)</sup></font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,390,736</font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">19.8</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.7</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</font></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"></p>

<!-- Field: Rule-Page --><div style="margin-top: 0pt; margin-bottom: 0pt; width: 25%"><div style="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">*Indicates ownership of less than
1%</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left">(1)</td><td style="text-align: justify">In computing the number
                                            of shares of common stock beneficially owned by a person and the percentage of beneficial
                                            ownership of that person, shares of common stock underlying restricted stock units or options
                                            held by that person that are convertible or exercisable, as the case may be, within 60 days
                                            of the January 14, 2025 are included. Those shares, however, are not deemed outstanding for
                                            the purpose of computing the percentage ownership of any other person.</td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left">(2)</td><td style="text-align: justify">Does not give effect
                                            to (i)&nbsp;the conversion of Class&nbsp;B common stock to Class&nbsp;A common stock, (ii)&nbsp;the
                                            conversion of convertible debt securities into Class&nbsp;A common stock, (iii)&nbsp;the
                                            conversion of Series&nbsp;A Preferred Stock into Class&nbsp;A common stock or (iv)&nbsp;the
                                            vesting of any issued and outstanding stock options or restricted stock units outstanding
                                            as of the date hereof and excludes shares of Class&nbsp;A common stock reserved for future
                                            grant or issuance under our 2017 Plan. None of the named executive officers and directors
                                            or Donnie Schrader beneficially own any convertible debt securities. In addition, no holder
                                            of convertible debt would become a beneficial owner of 5% or more of the Company&rsquo;s
                                            Class&nbsp;A common stock should any such holder convert all convertible debt held by such
                                            holder within 60 days of February&nbsp;14, 2025.</td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left">(3)</td><td style="text-align: justify">Percentage total voting
                                            power represents voting power with respect to all shares of our Class&nbsp;A common stock
                                            and Class&nbsp;B common stock, as a single class. Each holder of Class&nbsp;B common stock
                                            shall be entitled to ten votes per share of Class&nbsp;B common stock and each holder of
                                            Class&nbsp;A common stock shall be entitled to one vote per share of Class&nbsp;A common
                                            stock on all matters submitted to our stockholders for a vote. The Class&nbsp;A common stock
                                            and Class&nbsp;B common stock vote together as a single class on all matters submitted to
                                            a vote of our stockholders, except as may otherwise be required by law. The Class&nbsp;B
                                            common stock is convertible at any time by the holder into shares of Class&nbsp;A common
                                            stock on a share-for-share basis.</td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left">(4)</td><td style="text-align: justify">Includes 245,154 fully
                                            vested restricted stock units (&ldquo;RSUs&rdquo;) and 26,134 RSUs vesting within 60 days
                                            of February 14, 2025, which represent a contingent right to receive Class A common stock
                                            upon vesting. Class A common stock does not include Class A shares held by Jennifer Schrader&rsquo;s
                                            spouse Donnie Schrader. Ms. Schrader disclaims beneficial ownership of all shares held by
                                            Donnie Schrader, except to the extent of her pecuniary interest, if any, therein. See also
                                            footnote 13.</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><font style="font-size: 10pt">(5)</font></td><td style="text-align: justify"><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Includes
                                            19,999 shares of Class A common stock, 245,154 fully vested RSUs, and 26,134 RSUs vesting
                                            within 60 days of February 14, 2025, which represent a contingent right to receive Class
                                            A common stock upon vesting. Class B common stock Includes 1,778,989 shares held in The C
                                            LO 2021 Irrevocable Trust under agreement of which Mr. Loeffler is trustee.</p></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><font style="font-size: 10pt">(6)</font></td><td style="text-align: justify"><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Includes
                                            445,888 fully vested and exercisable stock options, 203,254 fully vested RSUs, 19,896 RSUs
                                            vesting within 60 days of February 14, 2025, which represent a contingent right to receive
                                            Class A common stock upon vesting, and 70,662 shares of Class A common stock held by Wave
                                            Investments LLC of which Mr. Bade is the sole manager.</p></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><font style="font-size: 10pt">(7)</font></td><td style="text-align: justify"><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Includes
                                            28,500 share of Class A common stock, 445,888 fully vested and exercisable stock options,
                                            335,566 fully vested RSUs, and 22,990 RSUs vesting within 60 days of February 14, 2025, which
                                            represent a contingent right to receive Class A common stock upon vesting.</p></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><font style="font-size: 10pt">(8)</font></td><td style="text-align: justify"><font style="font-size: 10pt">Includes
                                            13,006 shares of Class A common stock and 140,976 fully vested and exercisable stock options.</font></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><font style="font-size: 10pt">(9)</font></td><td style="text-align: justify"><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Includes
                                            11,060 shares of Class A common stock and 140,976 fully vested and exercisable stock options.</p></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><font style="font-size: 10pt">(10)</font></td><td style="text-align: justify"><font style="font-size: 10pt">Includes
                                            109,012 shares of Class A common stock and 126,113 fully vested and exercisable stock options.</font></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><font style="font-size: 10pt">(11)</font></td><td style="text-align: justify"><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Includes
                                            62,500 fully vested and exercisable stock options, 156,160 fully vested RSUs, 16,950 RSUs
                                            vesting within 60 days of February 14, 2025, which represent a contingent right to receive
                                            Class A common stock upon vesting, and 6,250 stock options exercisable within 60 days of
                                            February 14, 2025.</p></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><font style="font-size: 10pt">(12)</font></td><td style="text-align: justify"><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Includes
                                            1,494,692 fully vested stock options and options exercisable within 60 days of February 14,
                                            2025 and 112,104 RSUs vesting within 60 days of February 14, 2025.</p></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><font style="font-size: 10pt">(13)</font></td><td style="text-align: justify"><font style="font-size: 10pt">Includes
                                            8,000 shares of Class A common stock and 126,101 fully vested and exercisable stock options.</font></td>
</tr></table>

<p style="margin: 0"></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><font style="font-size: 10pt">(14)</font></td><td style="text-align: justify"><font style="font-size: 10pt">Based
                                            on information known to the Company and Mr. Schrader&rsquo;s Form 3 filed May 15, 2023. Does
                                            not include Class A common stock or Class B common stock held by Donnie Schrader&rsquo;s
                                            spouse Jennifer Schrader. Mr. Schrader disclaims beneficial ownership of all shares held
                                            by Jennifer Schrader, except to the extent of his pecuniary interest, if any, therein.</font></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #1d1c1d"><a name="sp10-004"></a><b>TRANSACTIONS
WITH RELATED PERSONS</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Business Segments</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Historically, the Company&rsquo;s
operations were organized into three reportable segments, fund management, development, and brokerage. During the three months ended
December&nbsp;31, 2023, the Company reevaluated its reportable segments, considering (i)&nbsp;the evolution of the Company after closing
its initial public offering and how the Company&rsquo;s chief operating decision maker (&ldquo;CODM&rdquo;), the Company&rsquo;s Chief
Executive Officer, assesses performance and allocates resources, (ii)&nbsp;changes to the budgeting process and in key personnel driven
by the Company&rsquo;s growth initiatives, and (iii)&nbsp;how management reports ongoing company performance to the Board of Directors.
With the evolution and growth of the Company, the Company&rsquo;s CODM assesses performance and resource allocation on an aggregate basis
under the Company&rsquo;s asset management platform, and no longer reviews operating results for development or brokerage activity separately.
As such, management concluded that the Company operates through one operating segment.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company&rsquo;s CODM
assesses revenue, operating expenses and key operating statistics to evaluate performance and allocate resources on a basis that eliminates
the impact of the consolidated investment funds (intercompany eliminations required by U.S. GAAP) and noncontrolling interests. Management
concluded that the consolidated investment funds do not meet the requirements in ASC 280, Segment Reporting, of operating segments, as
the Company&rsquo;s CODM does not review the operating results of these investment funds for the purposes of allocating resources, assessing
performance or determining whether additional investments or advances will be made to these funds. The investment funds are consolidated
based on the requirement in ASC 810, Consolidation, as the Company was determined to be the primary beneficiary of each of these variable
interest entities since it has the power to direct the activities of the entities and the right to absorb losses, generally in the form
of guarantees of indebtedness that are significant to the individual investment funds.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The following describes
revenue recognition for the fees the Company earns from providing services under its asset management platform:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Fund set-up fees are a one-time
fee for the initial formation, administration, and set-up of the private equity real estate fund. These fees are recognized at the point
in time when the performance under the contract is complete and are included in asset management revenues in the accompanying consolidated
statements of operations. Fund set-up fees replaced fund formation fees that are earned at a point in time at a fixed rate based on the
amount of capital raised into certain managed funds.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Fund management fees are
generally based on 1.0% to 1.5% of the unreturned capital contributions in a particular fund and include reimbursement for costs incurred
on behalf of the fund, including an allocation of certain overhead costs. These customer contracts require the Company to provide management
services, representing a performance obligation that the Company satisfies over time. With respect to the Caliber Hospitality Trust (as
defined in Note 3 &ndash; VIEs), the Company earns a fund management fee of 0.70% of the Caliber Hospitality Trust&rsquo;s enterprise
value and is reimbursed for certain costs incurred on behalf of the Caliber Hospitality Trust. These revenues are included in asset management
revenues in the accompanying consolidated statements of operations.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Financing fees are earned
for services the Company performs in securing third-party financing on behalf of our private equity real estate funds. These fees are
recognized at the point in time when the performance under the contract is complete, which is essentially upon closing of a loan. In
addition, the Company earns fees for guarantying certain loans, representing a performance obligation that the Company satisfies over
time. These revenues are included in asset management revenues in the accompanying consolidated statements of operations.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Development and construction
revenues from contracts with customers include fixed fee arrangements with related party affiliates to provide real estate development
services as their principal developer, which include managing and supervising third-party developers and general contractors with respect
to the development of the properties owned by the funds. Revenues are generally based on 4.0% of the total expected costs of the development
or 4.0% of the total expected costs of the construction project. Prior to the commencement of construction, development fee revenue is
recognized at a point in time as the related performance obligations are satisfied and the customer obtains control of the promised service,
including negotiation, due diligence, entitlements, planning, and design activities. During the construction period, development fee
revenue is recognized over time as the performance obligations are satisfied. These revenues are included in asset management revenues
in the accompanying consolidated statements of operations.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Brokerage fees are earned
at a point in time at fixed rates for services performed related to acquisitions, dispositions, leasing, and financing transaction, and
are included in asset management revenues in the accompanying consolidated statements of operations.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Performance allocations
are an arrangement in which we are entitled to an allocation of investment returns, generated within the investment funds which we manage,
based on a contractual formula. We typically receive 15.0% to 35.0% of all cash distributions from (i)&nbsp;the operating cash flow of
each fund, after payment to the related fund investors of any accumulated and unpaid priority preferred returns and repayment of preferred
capital contributions; and (ii)&nbsp;the cash flow resulting from the sale or refinance of any real estate assets held by each fund,
after payment to the related fund investors of any accumulated and unpaid priority preferred returns and repayment of initial preferred
capital contributions. Our funds&rsquo; preferred returns range from 6.0% to 12.0%, typically 6.0% for common equity or 10.0% to 12.0%
for preferred equity, which does not participate in profits. Performance allocations are related to services which have been provided
and are recognized when it is determined that they are no longer probable of significant reversal, which is generally satisfied when
an underlying fund investment is realized or sold. These revenues are included in performance allocations in the accompanying consolidated
statements of operations</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The table below shows the
components of revenue earned for providing services under the Company&rsquo;s asset management platform for the nine months ended September&nbsp;30,
2024 and the years ended December&nbsp;31, 2023 and 2022 (in thousands).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><b>Nine
                                            Months Ended</b></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td colspan="4" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><b>Years
                                            Ended December&nbsp;31,</b>&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><b>&nbsp;</b></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><b>September&nbsp;30,
                                            2024</b></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><b>2023</b></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><b>2022</b></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 48%">Fund management fees</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: right">6,902</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: right">5,485</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: right">10,394</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Financing fees</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">387</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">221</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">721</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Development and construction fees</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">4,817</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">4,025</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">2,444</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Brokerage fees</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">820</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">840</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">1,785</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Total asset management</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">12,926</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">10,571</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">15,344</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Performance allocations</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">357</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">3,639</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">2,543</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left">Total Platform revenue</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">13,283</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">14,210</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">17,887</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">As of September&nbsp;30,
2024 and as of December&nbsp;31, 2023 and 2022, amounts due to the Company from related parties for services performed under the Company&rsquo;s
asset management platform was $10.8 million and $7.8 million, respectively, which is included in due from related parties on the accompanying
consolidated balance sheets.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Other</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In the normal course of
business, the Company has various amounts due from and/or due to related parties, including affiliate entities and individuals, for various
expenses paid for by the Company on their behalf and other charges. These amounts are generally unsecured, interest-free, and due on
demand. As of September&nbsp;30, 2024 and as of December&nbsp;31, 2023 and 2022, other amounts due from related parties was $0.1 million
and $1.9 million, respectively, which is included in prepaid and other assets on the accompanying consolidated balance sheets. As of
September, 30, 2024 and December&nbsp;31, 2023 and 2022, there was an immaterial amount of other amounts due to related parties, which
is included in due to related parties on the accompanying consolidated balance sheets.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Notes Receivable &ndash; Related parties
of the Company</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company entered into
unsecured promissory notes with related parties. No payments are required prior to the maturity of the notes. The notes may be prepaid
in whole, or in part, without penalty.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The following table summarizes
the notes payable &ndash; related parties as of September&nbsp;30, 2024 and as of December&nbsp;31 2023 and 2022 (in thousands):</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">Notes Receivable - Related<br>
    Parties</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">September&nbsp;30,<br>
    2024</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">December&nbsp;31,
    <br> 2023</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">December&nbsp;31,
    <br> 2022</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Interest
    <br> Rate <sup>(1)</sup></b></font></td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Maturity</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Date
                                            <sup>(1)</sup></b></p></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 30%; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Caliber
    Hospitality LP <sup>(2)</sup></font></td><td style="width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">12.00</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 12%; font: 10pt Times New Roman, Times, Serif">September&nbsp;2025</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Olathe Behavioral Health</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">25</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">12.00</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">May&nbsp;2025</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">DFW Behavioral Health LLC</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">25</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">14.00</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">May&nbsp;2025</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">Total</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">50</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: right">&nbsp;</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td></tr>
  </table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"></p>

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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left">(1)</td><td style="text-align: justify">As of September&nbsp;30,
                                            2024.</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left">(2)</td><td style="text-align: justify">During the nine months
                                            ended September&nbsp;30, 2024, the Company deconsolidated Caliber Hospitality, LP and the
                                            Caliber Hospitality Trust, which included activity from six hospitality funds.</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Notes Payable &ndash; Related parties of
the Company</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company entered into
unsecured promissory notes with related parties. The notes may be repaid in whole, or in part, without penalty. The following table summarizes
the notes payable &ndash; related parties as of June&nbsp;30, 2024 and as of December&nbsp;31, 2023 and 2022 (in thousands):</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">Notes Payable - Related<br> Parties</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">September&nbsp;30,<br>
    2024</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">December&nbsp;31,
    <br> 2023</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">December&nbsp;31,
    <br> 2022</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Interest<br>
    Rate <sup>(1)</sup></b></font></td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Maturity</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Date
                                            <sup>(1)</sup></b></p></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 30%; font: 10pt Times New Roman, Times, Serif; text-align: left">Caliber Residential Advantage Fund, LP</td><td style="width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">365</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">7.50</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 12%; font: 10pt Times New Roman, Times, Serif">May&nbsp;2024</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Caliber
    Tax Advantaged Opportunity Fund II, LLC <sup>(2)</sup></font></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">12.00</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">January&nbsp;2024</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">Total</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">365</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: right">&nbsp;</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td></tr>
  </table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

<!-- Field: Rule-Page --><div style="margin-top: 0pt; margin-bottom: 0pt; width: 25%"><div style="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</div></div><!-- Field: /Rule-Page -->

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left">(1)</td><td style="text-align: justify">As of September&nbsp;30,
                                            2024.</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left">(2)</td><td style="text-align: justify">The Company entered into
                                            a $4.0 million unsecured promissory note with a related party and subsequently repaid the
                                            note during the year ended December&nbsp;31, 2023.</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">During each of the years
ended December&nbsp;31, 2023 and 2022, the Company incurred an immaterial amount of interest expense in connection with the notes payable
 &ndash; related parties. There was no interest payable due to related parties as of September&nbsp;30, 2024 and as of December&nbsp;31,
2023 and 2022.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Notes Receivable &ndash; Related parties
of consolidated funds</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The consolidated funds entered
into unsecured promissory notes with related parties. The notes may be repaid in whole, or in part, without penalty. The notes receivable
 &ndash; related parties consisted of the following as of September&nbsp;30, 2024 and as of December&nbsp;31, 2023 and 2022 (in thousands):</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">Notes Receivable - Related <br> Parties</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">September&nbsp;30,
    <br> 2024</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">December&nbsp;31,
    <br> 2023</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">December&nbsp;31,
    <br> 2022</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Interest<br>
    Rate <sup>(1)</sup></b></font></td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Maturity</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Date
                                            <sup>(1)</sup></b></p></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 30%; font: 10pt Times New Roman, Times, Serif; text-align: left">SF Alaska, LP</td><td style="width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">16,903</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">14,976</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">11,671</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">12.00</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 12%; font: 10pt Times New Roman, Times, Serif">May&nbsp;2025</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">The Ketch, LLC</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">8,548</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">7,198</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">5,152</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">12.00</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">May&nbsp;2026</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Elliot&nbsp;&amp;
    51st Street, LLC <sup>(4)</sup></font></td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">15,116</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">13.00</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">September&nbsp;2025</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Elliot&nbsp;&amp;
    51st Street, LLC <sup>(4)</sup></font></td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,420</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">12.00</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">April&nbsp;2026</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Caliber
    Hospitality LP (Tucson East) <sup>(2)</sup></font></td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">3,780</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">12.00</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">May&nbsp;2024</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">J-25 Development Group, LLC</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">133</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">4,804</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">3,794</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">12.00</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">May&nbsp;2026</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Caliber Diversified Opportunity Fund II, LP</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">12</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">109</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">449</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">12.00</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">September&nbsp;2025</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Encore, LLC</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,014</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">12.00</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">December&nbsp;2024</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Ridge II, LLC</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,151</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">846</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">845</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">12.00</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">December&nbsp;2024</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Southridge, LLC</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">2,187</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">13.00</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">July&nbsp;2025</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Ironwood, LLC</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">4,548</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">2,703</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,524</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">13.00</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">September&nbsp;2025</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Circle
    Lofts, LLC <sup>(3)</sup></font></td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">2,017</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,797</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">12.00</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">May&nbsp;2026</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">47th Street Phoenix Fund, LLC</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">92</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">12.00</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">May&nbsp;2025</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Caliber
    Hospitality, LP <sup>(4)</sup></font></td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">2,870</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">12.00</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">June&nbsp;2025</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Caliber
    Hospitality, LP <sup>(4)</sup></font></td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">3,900</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">12.00</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">September&nbsp;2026</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Blue Spruce, LLC</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">224</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">13.00</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">January&nbsp;2026</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">West Ridge, LLC</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">1,299</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">12.00</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">March&nbsp;2026</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">Total</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">58,233</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">34,620</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">28,229</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: right">&nbsp;</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td></tr>
  </table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"></p>

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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left">(1)</td><td style="text-align: justify">As of September&nbsp;30,
                                            2024.</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left">(2)</td><td style="text-align: justify">In March&nbsp;2023, the
                                            asset was contributed to Caliber Hospitality, LP and the fund was consolidated because the
                                            Company was determined to be the primary beneficiary as we have the power to direct the activities
                                            and the obligation to absorb their losses through its guarantee of the indebtedness secured
                                            by the hospitality assets, which is significant to Caliber Hospitality, LP and the Caliber
                                            Hospitality Trust.</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left">(3)</td><td style="text-align: justify">During the year ended
                                            December&nbsp;31, 2023, the Company deconsolidated Circle Lofts, LLC, as the Company was
                                            no longer determined to be the primary beneficiary of the fund upon refinancing the loan
                                            agreement.</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left">(4)</td><td style="text-align: justify">During the nine months
                                            ended September&nbsp;30, 2024, the Company deconsolidated Caliber Hospitality, LP and the
                                            Caliber Hospitality Trust, which included activity from six hospitality funds.</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">During the nine months ended
September&nbsp;30, 2024 and the years ended December&nbsp;31, 2023 and 2022, the consolidated fund earned $1.7 million, $3.7 million
and $2.9 million, respectively, of interest in connection with the notes. Interest that accrues on certain related party notes receivable,
in which the consolidated fund and respective borrower mutually agreed, is added to the principal outstanding balance, due at the respective
loan maturity date and incurs interest at the respective interest rate. Interest due to the Company was $0.1 million as of September&nbsp;30,
2024, which was included in prepaid and other assets on the accompanying consolidated balance sheets. No interest was due to the Company
as of December&nbsp;31, 2023 and 2022.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Notes Payable &ndash;
Related parties of consolidated funds</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The consolidated funds entered
into unsecured promissory notes with related parties. The notes may be repaid in whole, or in part, without penalty. The notes payable
 &ndash; related parties consisted of the following as of September&nbsp;30, 2024 and as of December&nbsp;31, 2023 and 2022 (in thousands):</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">Notes Payable - Related <br> Parties</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">September&nbsp;30,
    <br> 2024</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">December&nbsp;31,
    <br> 2023</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">December&nbsp;31,
    <br> 2022</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Interest
    <br> Rate <sup>(1)</sup></b></font></td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Maturity</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Date
                                            <sup>(1)</sup></b></p></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 30%; font: 10pt Times New Roman, Times, Serif; text-align: left">Roosevelt III HOLDCO, LLC</td><td style="width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">2,748</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">12.00</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 12%; font: 10pt Times New Roman, Times, Serif">March&nbsp;2024</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">CDIF, LLC</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,725</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">12.00</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">May&nbsp;2024</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Caliber Tax Advantaged Opportunity Zone Fund, LP</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">8,012</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">2,500</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">12.00</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">June&nbsp;2025</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Caliber Tax Advantaged Opportunity Zone
    Fund II, LP</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">4,043</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">12.00</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">October&nbsp;2024</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">Total</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">12,055</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">6,973</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: right">&nbsp;</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td></tr>
  </table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"></p>

<!-- Field: Rule-Page --><div style="margin-top: 0pt; margin-bottom: 0pt; width: 25%"><div style="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</div></div><!-- Field: /Rule-Page -->

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left">(1)</td><td style="text-align: justify">As of September&nbsp;30,
                                            2024.</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">During the nine months ended
September&nbsp;30, 2024 and the years ended December&nbsp;31, 2023 and 2022, the consolidated funds incurred $0.3 million, $1.2 million
and $0.9 million, respectively, of interest expense in connection with the notes payable &ndash; related parties. As of September&nbsp;30,
2024 there was no interest expense payable. As of December&nbsp;31, 2023 and 2022, there was $0.1 million of interest expense payable.
During the nine months ended September&nbsp;30, 2024, the Company deconsolidated Caliber Hospitality, LP and the Caliber Hospitality
Trust. The Company also deconsolidated Elliot during the nine months ended September&nbsp;30, 2024.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Buyback Program</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In September&nbsp;2018,
the Company agreed to repurchase 3,709,693 shares (&ldquo;Buyback Program&rdquo;) owned by one of its non-participating founders for
$4.54 per share of common stock in exchange for an amendment to such non-participating founder&rsquo;s shareholder voting rights and
other Company protections. Due to the length of time of the liability, the Company recorded a liability of $13.6 million and a corresponding
reduction to equity in treasury stock at the inception of the Buyback Program using a present value discount rate of 10.00%. As of December&nbsp;31,
2022, remaining number of shares to be repurchased was 3,432,351 and the balance of the liability was $12.4 million, which is included
in buyback obligation on the accompanying consolidated balance sheets. During the year ended December&nbsp;31, 2023, the Company repurchased
41,615 shares of Class&nbsp;A common stock pursuant to the Buyback Program and on May&nbsp;19, 2023, the Company&rsquo;s Class&nbsp;A
common stock began trading on the NASDAQ Capital Market, at which point the buyback obligation was relieved and no further amounts were
due under the Buyback Program.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Review of Related Person Transactions</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In accordance with its
written charter, our Audit Committee is responsible for reviewing, approving and overseeing any transaction between the Company and
any related person. The term &ldquo;related party transactions&rdquo; refers to transactions required to be disclosed in our filings
with the SEC pursuant to Item 404 of Regulation S-K. As a smaller reporting company, we are also required to review and approve any
transaction, arrangement or relationship in which our company is a participant, the amount involved exceeds the lesser of $120,000
or one percent of the average of our total assets at year-end for the last two completed fiscal years, and a related person has a
direct or indirect material interest. In considering related party transactions, our Audit Committee is guided by its fiduciary duty
to our stockholders. Our Audit Committee does not have any written or oral policies or procedures regarding the review, approval and
ratification of transactions with related parties. Additionally, each of our directors and executive officers are required to
annually complete a directors&rsquo; and officers&rsquo; questionnaire that elicits information about related party transactions.
Our Nominating and Governance Committee and Board of Directors annually review all transactions and relationships disclosed in the
director and officer questionnaires, and the Board makes a formal determination regarding each director&rsquo;s independence.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Under the Company&rsquo;s
Corporate Governance Guidelines, the Board itself and through its committees will review and approve all related party transactions and
any contracts or other transactions with current or former directors and executive officers of the Company, including consulting arrangements,
employment agreements, change-in-control agreements, termination arrangements, and loans to officers made or guaranteed by the Company.
The Audit Committee generally will take the lead in reviewing related party transactions, and the Compensation Committee and the Nominating
and Corporate Governance Committee generally will take the lead in reviewing related party contracts, such as consulting arrangements,
termination agreements, and any other contracts or arrangements involving any compensatory or monetary terms. The Company will not enter
into any such transaction unless the transaction is determined by the disinterested directors to be fair to the Company or is approved
by the disinterested directors or by the stockholders. Any determination by our disinterested directors will be based on a review of
the particular transaction, applicable laws and regulations, policies of the Company, and the listing standards of Nasdaq.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #1d1c1d"><a name="sp10-005"></a><b>DESCRIPTION
OF SECURITIES</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>General</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following description summarizes important
terms of the classes of our capital stock. This summary does not purport to be complete and is qualified in its entirety by the provisions
of our articles of incorporation and our bylaws, which have been filed as exhibits to the offering statement of which this offering circular
is a part.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We are authorized to issue
up to 137,500,000 shares of capital stock, of which (i)&nbsp;100,000,000 shares are Class&nbsp;A common stock with a par value $0.001
per share; (ii)&nbsp;15,000,000 shares are Class&nbsp;B common stock with a par value $0.001 per share; and (iii)&nbsp;22,500,000 shares
are preferred stock with a par value of&thinsp;$0.001 per share. As of December&nbsp;1, 2024, there were 15,056,356 shares of Class&nbsp;A
common stock, 7,416,414 shares of Class&nbsp;B common stock and no shares of preferred stock issued and outstanding.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b>Class&nbsp;A common stock</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Voting.
</i></b></font>The holders of the Class&nbsp;A common stock are entitled to one (1)&nbsp;vote for each share of Class&nbsp;A common stock
held at all meetings of stockholders (and written actions in lieu of meetings). The Class&nbsp;A common stock is not subject to cumulative
voting. The Class&nbsp;A common stock and Class&nbsp;B common stock vote together as a single class on all matters submitted to a vote
of our stockholders, except as may otherwise be required by law.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Dividends.
</i></b></font>Subject to the preferences applicable to the Preferred Stock, the holders of the Class&nbsp;A common stock are entitled
to, on an equal basis with the holders of Class&nbsp;B common stock, receive dividends when and if declared by the Company&rsquo;s board
of directors out of funds legally available therefor, subject to any statutory or contractual restrictions on the payment of dividends
and to any restrictions on the payment of dividends imposed by the terms of any outstanding preferred stock.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b>Class&nbsp;B common stock</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Voting.
</i></b></font>The holders of the Class&nbsp;B common stock are entitled to ten (10)&nbsp;votes for each share of Class&nbsp;B common
stock held at all meetings of stockholders (and written actions in lieu of meetings). The Class&nbsp;B common stock is not subject to
cumulative voting. The Class&nbsp;A common stock and Class&nbsp;B common stock vote together as a single class on all matters submitted
to a vote of our stockholders, except as may otherwise be required by law.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Dividends.
</i></b></font>Subject to the preferences applicable to the preferred stock, the holders of the Class&nbsp;B common stock are entitled
to, on an equal basis with the holders of Class&nbsp;A common stock, receive dividends when and if declared by the Company&rsquo;s board
of directors out of funds legally available therefor, subject to any statutory or contractual restrictions on the payment of dividends
and to any restrictions on the payment of dividends imposed by the terms of any outstanding preferred stock.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Class&nbsp;B common
stock is convertible at any time by the holder into shares of Class&nbsp;A common stock on a share-for-share basis.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b>Preferred Stock</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Series&nbsp;AA Preferred
Stock</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">On March 5, 2025, we
filed a certificate of designation with the Delaware Secretary of State to establish our Series AA Preferred Stock. We designated a total
of 800,000 shares of Preferred Stock as &ldquo;Series AA Cumulative Redeemable Preferred Stock.&rdquo; Our Series AA Preferred Stock
has following voting powers, designations, preferences and relative rights, qualifications, limitations, or restrictions:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><u>Ranking</u></i></font>.
The Series&nbsp;AA Preferred Stock ranks, as to dividend rights and rights upon our liquidation, dissolution, or winding up, senior to
our Series&nbsp;A Preferred Stock and our Common Stock and <i>pari passu</i> with our Series&nbsp;A Preferred Stock. The terms of the
Series&nbsp;AA Preferred Stock do not limit our ability to (i)&nbsp;incur indebtedness or (ii)&nbsp;issue additional equity securities
that are equal or junior in rank to the shares of our Series&nbsp;AA Preferred Stock as to distribution rights and rights upon our liquidation,
dissolution or winding up.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><u>Stated
Value</u></i></font>. Each share of Series&nbsp;AA Preferred Stock has an initial stated value of $25.00, which is equal to the offering
price per share, subject to appropriate adjustment in relation to certain events, such as recapitalizations, stock dividends, stock splits,
stock combinations, reclassifications or similar events affecting our Series&nbsp;AA Preferred Stock.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><u>Dividend
Rate and Payment Dates</u></i></font>. Dividends on the Series&nbsp;AA Preferred Stock are cumulative and payable monthly in arrears
to all holders of record on the applicable record date. Holders of our Series&nbsp;AA Preferred Stock are entitled to receive cumulative
monthly cash dividends at a per annum rate of 9.5% of the stated value (or $0.198 per share each month based on the initial stated value).
Dividends on each share begin accruing on, and are cumulative from, the date of issuance and regardless of whether our board of directors
declares and pays such dividends. Our board of directors will not authorize, pay or set apart for payment by us any dividend on the Series&nbsp;AA
Preferred Stock at any time that:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="text-align: justify">the
                                            terms and provisions of any of our agreements, including any agreement relating to our indebtedness,
                                            prohibits such authorization, payment or setting apart for payment;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="text-align: justify">the
                                            terms and provisions of any of our agreements, including any agreement relating to our indebtedness,
                                            provides that such authorization, payment or setting apart for payment thereof would constitute
                                            a breach of, or a default under, such agreement; or</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="text-align: justify">the
                                            law restricts or prohibits the authorization or payment.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Notwithstanding the foregoing, dividends on the
Series&nbsp;AA Preferred Stock will accumulate whether or not:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dividends on shares of our Series&nbsp;AA Preferred
Stock will continue to accrue even if</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="text-align: justify">the
                                            terms and provisions of any of our agreements relating to our indebtedness prohibit such
                                            authorization, payment or setting apart for payment;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="text-align: justify">we
                                            have earnings;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="text-align: justify">there
                                            are funds legally available for the payment of the dividends; and</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="text-align: justify">the
                                            dividends are authorized.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the event the monthly payment of dividends
is not made within 30 days of the due date, dividends will accrue from the due date of such monthly payment at the rate of 18% until
such default is cured.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><u>Liquidation
Preference</u></i></font>. Upon a liquidation, dissolution or winding up of our company, holders of shares of our Series&nbsp;AA Preferred
Stock are entitled to receive, before any payment or distribution is made to the holders of our Common Stock and on a <i>pari passu</i>
basis with holders of our Series&nbsp;AA Preferred Stock and Series&nbsp;A Preferred Stock, a liquidation preference equal to the stated
value per share, plus accrued but unpaid dividends thereon.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><u>Redemption
Request at the Option of a Holder</u></i></font>. Once per calendar quarter, a holder will have the opportunity to request that we redeem
that holder&rsquo;s Series&nbsp;AA Preferred Stock. Our board of directors may, however, suspend cash redemptions at any time in its
discretion if it determines that it would not be in the best interests of our company to effectuate cash redemptions at a given time
because we do not have sufficient cash, including because our board believes that our cash on hand should be utilized for other business
purposes. Redemptions will be limited to four percent (4%) of the total outstanding Series&nbsp;AA Preferred Stock per quarter and any
redemptions in excess of such limit or to the extent suspended, shall be redeemed in subsequent quarters on a first come, first served,
basis. We will redeem shares at a redemption price equal to the stated value of such redeemed shares, plus any accrued but unpaid dividends
thereon, less the applicable redemption fee (if any). As a percentage of the aggregate redemption price of a holder&rsquo;s shares to
be redeemed, the redemption fee shall be:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="text-align: justify">10%
                                            if the redemption is requested on or before the first anniversary of the original issuance
                                            of such shares;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="text-align: justify">8%
                                            if the redemption is requested after the first anniversary and on or before the second anniversary
                                            of the original issuance of such shares; and</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="text-align: justify">6%
                                            if the redemption is requested after the second anniversary and on or before the third anniversary
                                            of the original issuance of such shares.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Please see the certificate of designation, which
has been filed as an exhibit to the offering statement of which this offering circular forms a part, for the procedures to request a
redemption.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><u>Optional
Redemption by our company</u></i></font>. We have the right (but not the obligation) to redeem shares of Series&nbsp;AA Preferred Stock
at a redemption price equal to the stated value of such redeemed shares, plus any accrued but unpaid dividends thereon.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><u>Mandatory
Redemption by our company</u></i></font>. We are required to redeem the outstanding shares of Series&nbsp;AA Preferred Stock on the third
(3<sup>rd</sup>) anniversary of their issuance at a redemption price equal to the stated value of such redeemed shares, plus any accrued
but unpaid dividends thereon.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><u>Optional
Repurchase Upon Death, Disability or Bankruptcy of a Holder</u></i></font>. Subject to certain restrictions and conditions, we will also
repurchase shares of Series&nbsp;AA Preferred Stock of a holder who is a natural person (including an individual beneficial holder who
holds shares through a custodian or nominee, such as a broker-dealer) upon his or her death, total disability or bankruptcy, within sixty
(60) days of our receipt of a written request from the holder or the holder&rsquo;s estate at a repurchase price equal to the stated
value, plus accrued and unpaid dividends thereon. A &ldquo;total disability&rdquo; means a determination by a physician approved by us
that a holder, who was gainfully employed and working at least forty (40) hours per week as of the date on which his or her shares were
purchased, has been unable to work forty (40) or more hours per week for at least twenty-four (24) consecutive months. Please see the
certificate of designation, the form of which has been filed as an exhibit to the offering statement of which this offering circular
forms a part, for the procedures to request a repurchase.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><u>Restrictions
on Redemption and Repurchase</u></i></font><i>.</i> We are not obligated to redeem or repurchase shares of Series&nbsp;AA Preferred Stock
if we are restricted by applicable law or our articles of incorporation from making such redemption or repurchase or to the extent any
such redemption or repurchase would cause or constitute a default under any borrowing agreements to which we or any of our subsidiaries
are a party or otherwise bound. In addition, we have no obligation to redeem shares in connection with a redemption request made by a
holder if we determine, as of the redemption date, that we do not have sufficient funds available to fund that redemption. In this regard,
we will have complete discretion under the certificate of designation for the Series&nbsp;AA Preferred Stock to determine whether we
are in possession of &ldquo;sufficient funds&rdquo; to fund a redemption request. To the extent we are unable to complete redemptions
we may have earlier agreed to make, we will complete those redemptions promptly after we become able to do so, with all such deferred
redemptions being satisfied on a first come, first served, basis.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><u>Voting
Rights</u></i></font>. The Series&nbsp;AA Preferred Stock has no voting rights relative to matters submitted to a vote of our stockholders
(other than as required by law). However, we may not, without the affirmative vote or written consent of the holders of a majority of
the then issued and outstanding Series&nbsp;AA Preferred Stock: (i)&nbsp;amend or waive any provision of the certificate of designation
or otherwise take any action that modifies any powers, rights, preferences, privileges or restrictions of the Series&nbsp;AA Preferred
Stock (other than an amendment solely for the purpose of changing the number of shares of Series&nbsp;AA Preferred Stock designated for
issuance as provided in the certificate of designation); (ii)&nbsp;authorize, create or issue shares of any class of stock having rights,
preferences or privileges as to dividends or distributions upon a liquidation that are superior to the Series&nbsp;AA Preferred Stock;
or (iii)&nbsp;amend our articles of incorporation in a manner that adversely and materially affects the rights of the Series&nbsp;AA
Preferred Stock.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i><u>Conversion Right</u></i>. At&nbsp;the third
anniversary of the issuance date of a share of Series&nbsp;AA Preferred Stock, a holder may elect, with the prior written consent of
the Company, which consent may be unreasonably withheld, to convert all or any portion of such then outstanding shares of Series&nbsp;AA
Preferred Stock held by it into that number of shares of our Class&nbsp;A Common Stock determined by dividing the then Stated Value of
such shares by the closing price of our Class A Common Stock as quoted on the Nasdaq Capital Market (the &ldquo;NCM&rdquo;) on the day
prior to such date but in no event less than the closing price of our Class A Common Stock as quoted on the NCM on the day prior to the
initial Closing Date.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Series&nbsp;A Preferred Stock</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On November&nbsp;26, 2024, we the Series&nbsp;A
Certificate of Designation with the Secretary of State of the State of Delaware to establish the preferences, voting powers, limitations
as to dividends or other distributions, qualifications, terms and conditions of redemption and other terms and conditions of the Company&rsquo;s
Series&nbsp;A Preferred Stock. The Series&nbsp;A Preferred Stock is subject to certain rights, preferences, privileges, and obligations,
including voluntary and mandatory conversion provisions, as well as beneficial ownership restrictions and share cap limitations, as set
forth in the Series&nbsp;A Certificate of Designation. The following is a summary description of the terms and the general effect of
the issuance of the shares of Series&nbsp;A Preferred Stock on the Company&rsquo;s other classes of registered securities. There are
seven hundred fifty thousand (750,000) shares of the Series&nbsp;A Preferred Stock designated.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt"><i><u>Stated Value</u></i></font><i>.
</i>Each share of Series&nbsp;A Preferred Stock has an initial stated value of $20.00, subject to appropriate adjustment in relation
to certain events, such as recapitalizations, stock dividends, stock splits, stock combinations, reclassifications or similar events
affecting our Series&nbsp;A Preferred Stock.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt"><i><u>Dividends</u></i></font><i>.
</i>The holders of the shares of Series&nbsp;A Preferred Stock will be entitled to receive a twelve percent (12%) annual, non-cumulative
dividend payable annually, at the Company&rsquo;s option, (i)&nbsp;in cash or (ii)&nbsp;in shares of the Company&rsquo;s Class&nbsp;A
common stock, at a price per share of Class&nbsp;A Common Stock equal to the lower of (A)&nbsp;the average closing price of Class&nbsp;A
Common Stock as quoted on the principal trading market, if any, in which the shares of Class&nbsp;A Common Stock then trade (&ldquo;Principal
Market&rdquo;) for the five trading days immediately preceding the date of issuance, or (B)&nbsp;the closing price of the Class&nbsp;A
Common Stock as quoted on the Principal Market on the trading day prior to the date of issuance, but in no event less than $1.00 per
share.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt"><i><u>Optional
Conversion</u></i></font>. At any time and from time to time, a holder of the shares of Series&nbsp;A Preferred Stock may, at its option,
convert (i)&nbsp;up to twenty-five percent (25%) of the holder&rsquo;s total shares of Series&nbsp;A Preferred Stock (the &ldquo;First
Tranche Convertible Shares&rdquo;) at a rate equal to the stated value divided by $0.5114 (the &ldquo;First Tranche Conversion Rate&rdquo;),
(ii)&nbsp;up to twenty-five percent (25%) of the holder&rsquo;s total shares of Series&nbsp;A Preferred Stock (the &ldquo;Second Tranche
Convertible Shares&rdquo;) at a rate equal to the stated value divided by $0.7671 (the &ldquo;Second Tranche Conversion Rate&rdquo;),
(iii) up to twenty-five percent (25%) of the holder&rsquo;s total shares of Series&nbsp;A Preferred Stock (the &ldquo;Third Tranche Convertible
Shares&rdquo;) at a rate equal to the stated value divided by $1.0228 (the &ldquo;Third Tranche Conversion Rate&rdquo;), and (iv)&nbsp;up
to twenty-five percent (25%) of the holder&rsquo;s total shares of Series&nbsp;A Preferred Stock (the &ldquo;Fourth Tranche Convertible
Shares&rdquo;) at a rate equal to the stated value divided by $1.2785 (the &ldquo;Fourth Tranche Conversion Rate&rdquo;).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt"><i><u>Mandatory
Conversion</u></i></font>. The shares of Series&nbsp;A Preferred Stock will mandatorily convert into shares of Class&nbsp;A Common Stock
as follows:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">i. On the first trading day following the first
date on which the closing price of the Class&nbsp;A Common Stock on the Principal Market is 200% higher than $0.5114 for twenty (20)
of thirty (30) consecutive trading days, all of the First Tranche Convertible Shares shall convert at the First Tranche Conversion Rate;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ii. On the first trading day following the first
date on which the closing price of the Class&nbsp;A Common Stock on the Principal Market is 200% higher than the $0.7671 for twenty (20)
of thirty (30) consecutive trading days, all the Second Tranche Convertible Shares shall convert at the Second Tranche Conversion Rate;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">iii. On the first trading day following the first
date on which the closing price of the Class&nbsp;A Common Stock on the Principal Market is 200% higher than $1.0228 for twenty (20)
of thirty (30) consecutive trading days the Third Tranche Convertible Shares shall convert at the Third Tranche Conversion Rate; and</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">iv. On the first trading day following the first
date on which the closing price of the Class&nbsp;A Common Stock on the Principal Market is 200% higher than the $1.2785 for twenty (20)
of thirty (30) consecutive trading days the Fourth Tranche Convertible Shares shall convert at the Fourth Tranche Conversion Rate.</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 10pt"><i><u>Voting</u></i></font><i><u>
Rights</u></i>. The Series&nbsp;A Preferred Stock will have no voting rights relative to matters submitted to a vote of our stockholders
(other than as required by law). However, we may not, without the affirmative vote or written consent of the holders of a majority of
the then issued and outstanding Series&nbsp;A Preferred Stock: (i)&nbsp;amend or waive any provision of the certificate of designation
or otherwise take any action that modifies any powers, rights, preferences, privileges or restrictions of the Series&nbsp;A Preferred
Stock (other than an amendment solely for the purpose of changing the number of shares of Series&nbsp;A Preferred Stock designated for
issuance as provided in the certificate of designation); (ii)&nbsp;authorize, create or issue shares of any class of stock having rights,
preferences or privileges as to dividends or distributions upon a liquidation that are superior to the Series&nbsp;A Preferred Stock;
or (iii)&nbsp;amend our articles of incorporation in a manner that adversely and materially affects the rights of the Series&nbsp;A Preferred
Stock.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt"><i><u>Liquidation</u></i></font>.
In the event of any voluntary or involuntary liquidation, dissolution or winding up of the Company, the holders of shares of the Series&nbsp;A
Preferred Stock then outstanding will be entitled to receive in cash out of the assets of the Company, whether from capital or from earnings
available for distribution to its stockholders, before any amount will be paid to the holders of any of the capital stock of the Company
of any class junior in rank to the Series&nbsp;A Preferred Stock.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt"><i><u>Ranking</u></i></font><i>.
</i>The Series&nbsp;A Preferred Stock ranks senior to the Company&rsquo;s Class&nbsp;A Common Stock and Class&nbsp;B common stock, par
value $0.001, with respect to the preferences provided for in the Certificate of Designation as to distributions and payments upon the
liquidation, dissolution and winding up of the Company.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt"><i><u>Redemption</u></i></font>.
The Company has the right redeem the outstanding shares of the Series&nbsp;A Preferred Stock at an amount equal to the Liquidation Preference,
provided that the holders of Series&nbsp;A Preferred Stock are granted thirty (30) calendar days to first exercise their conversion rights.
 &ldquo;Liquidation Preference&rdquo; means, with respect to each outstanding share of Series&nbsp;A Preferred Stock, the sum of: (i)&nbsp;the
amount of all accrued but unpaid dividends on such share; plus (ii)&nbsp;the product of the stated value multiplied by 120%.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 10pt"><i><u>Amendments</u></i></font>.
The Certificate of Designation may be amended by obtaining the affirmative vote of a majority of the outstanding shares of Series&nbsp;A
Preferred Stock, voting separately as a single class.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b>Anti-Takeover Provisions</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Certificate of Incorporation
and Bylaws and Class&nbsp;B Common Stock</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Because our stockholders
do not have cumulative voting rights, our stockholders holding a majority of the outstanding shares of common stock outstanding will
be able to elect all of our directors.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The foregoing provisions
will make it more difficult for our existing stockholders to replace our Board of Directors as well as for another party to obtain control
of us by replacing our Board of Directors. Since our board of directors has the power to retain and discharge our officers, these provisions
could also make it more difficult for existing stockholders or another party to effect a change in management. In addition, the authorization
of undesignated preferred stock makes it possible for our Board of Directors to issue preferred stock with voting or other rights or
preferences that could impede the success of any attempt to change our control.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">These provisions are intended
to enhance the likelihood of continued stability in the composition of our Board of Directors and its policies and to discourage certain
types of transactions that may involve an actual or threatened acquisition of us. These provisions are also designed to reduce our vulnerability
to an unsolicited acquisition proposal and to discourage certain tactics that may be used in proxy fights. However, such provisions could
have the effect of discouraging others from making tender offers for our shares and may have the effect of deterring hostile takeovers
or delaying changes in our control or management.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In addition, the control
vested in our founders by virtue of their holding of Class&nbsp;B common stock may discourage or impede takeover activities.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Section&nbsp;203 of
the Delaware General Corporation Law</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We are subject to Section&nbsp;203
of the Delaware General Corporation Law, which prohibits a Delaware corporation from engaging in any business combination with any interested
stockholder for a period of three years after the date that such stockholder became an interested stockholder, with the following exceptions:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="text-align: justify">before
                                            such date, the board of directors of the corporation approved either the business combination
                                            or the transaction that resulted in the stockholder becoming an interested stockholder;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="text-align: justify">upon
                                            closing of the transaction that resulted in the stockholder becoming an interested stockholder,
                                            the interested stockholder owned at least 85% of the voting stock of the corporation outstanding
                                            at the time the transaction began, excluding for purposes of determining the voting stock
                                            outstanding (but not the outstanding voting stock owned by the interested stockholder) those
                                            shares owned by (i)&nbsp;persons who are directors and also officers and (ii)&nbsp;employee
                                            stock plans in which employee participants do not have the right to determine confidentially
                                            whether shares held subject to the plan will be tendered in a tender or exchange offer; or</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="text-align: justify">on
                                            or after such date, the business combination is approved by the board of directors and authorized
                                            at an annual or special meeting of the stockholders, and not by written consent, by the affirmative
                                            vote of at least 66 2/3% of the outstanding voting stock that is not owned by the interested
                                            stockholder.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In general, Section&nbsp;203
defines business combination to include the following:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="text-align: justify">any
                                            merger or consolidation involving the corporation and the interested stockholder;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="text-align: justify">any
                                            sale, transfer, pledge or other disposition of 10% or more of the assets of the corporation
                                            involving the interested stockholder;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="text-align: justify">subject
                                            to certain exceptions, any transaction that results in the issuance or transfer by the corporation
                                            of any stock of the corporation to the interested stockholder;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="text-align: justify">any
                                            transaction involving the corporation that has the effect of increasing the proportionate
                                            share of the stock or any class or series of the corporation beneficially owned by the interested
                                            stockholder; or</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="text-align: justify">the
                                            receipt by the interested stockholder of the benefit of any loss, advances, guarantees, pledges
                                            or other financial benefits by or through the corporation.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In general, Section&nbsp;203
defines an &ldquo;interested stockholder&rdquo; as an entity or person who, together with the person&rsquo;s affiliates and associates,
beneficially owns, or within three years prior to the time of determination of interested stockholder status did own, 15% or more of
the outstanding voting stock of the corporation.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Exclusive forum for
adjudication of disputes provision which limits the forum to the Delaware Court of Chancery for certain stockholder litigation matters
actions against the Company, which may limit an investor&rsquo;s ability to obtain a favorable judicial forum for disputes with the Company
or its directors, officers, employees or stockholders.</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Section&nbsp;7.06(a)&nbsp;of
Article&nbsp;VII of our Bylaws dictates that, unless we consent in writing to the selection of an alternative forum, the Delaware Court
of Chancery (or, if the Delaware Court of Chancery does not have jurisdiction, the federal district court for the State of Delaware)
is, to the fullest extent permitted by law, the sole and exclusive forum for certain actions including derivative action or proceeding
brought on behalf of the Company; an action asserting a breach of fiduciary duty owed by an officer, director, employee or to the stockholders
of the Company; any claim arising under Delaware corporate law, our amended and restated certificate of incorporation or our amended
and restated bylaws; and any action asserting a claim governed by the internal affairs doctrine. Any person or entity purchasing or otherwise
acquiring any interest in shares of capital stock of the Company shall be deemed to have notice of and consented to the provisions of
Section&nbsp;7.06 of Article&nbsp;VII of our Bylaws.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">However, Section&nbsp;7.06(a)&nbsp;of
Article&nbsp;VII of our Bylaws will not apply to suits brought to enforce any liability or duty created by the Exchange Act or any other
claim for which the federal courts have exclusive jurisdiction. To the extent that any such claims may be based upon federal law claims,
Section&nbsp;27 of the Exchange Act creates exclusive federal jurisdiction over all suits brought to enforce any duty or liability created
by the Exchange Act or the rules&nbsp;and regulations thereunder.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Furthermore, unless the
Company consents in writing to the selection of an alternative forum, the federal district courts of the United States of America will
be the exclusive forum for the resolution of any complaint asserting a cause of action arising under the Securities Act, or the rules&nbsp;and
regulations promulgated thereunder. We note, however, that Section&nbsp;22 of the Securities Act creates concurrent jurisdiction for
federal and state courts over all suits brought to enforce any duty or liability created by the Securities Act or the rules&nbsp;and
regulations thereunder. There is uncertainty as to whether a court would enforce this provision and that investors cannot waive compliance
with the federal securities laws and the rules&nbsp;and regulations thereunder.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">A Delaware corporation is
allowed to mandate in its corporate governance documents a chosen forum for the resolution of state law-based stockholder class actions,
derivative suits and other intra-corporate disputes. With respect to such state law claims, the Company&rsquo;s management believes limiting
state law based claims to Delaware will provide the most appropriate outcomes as the risk of another forum misapplying Delaware law is
avoided, Delaware courts have a well-developed body of case law and limiting the forum will preclude costly and duplicative litigation
and avoids the risk of inconsistent outcomes. Additionally, Delaware Chancery Courts can typically resolve disputes on an accelerated
schedule when compared to other forums.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The choice of forum provisions
contained in the Company&rsquo;s Bylaws may limit a stockholder&rsquo;s ability to bring a claim in a judicial forum that it finds favorable
for disputes with the Company or any of its directors, officers, other employees or stockholders, which may discourage lawsuits with
respect to such claims. Alternatively, the enforceability of similar choice of forum provisions in other issuers&rsquo; bylaws and certificates
of incorporation has been challenged in legal proceedings, and it is possible that in connection with any applicable action brought against
the Company, a court could find the choice of forum provisions contained in the Company&rsquo;s Bylaws to be inapplicable or unenforceable
in such action. As a result, the Company could incur additional costs associated with resolving such actions in other jurisdictions,
which could harm the Company&rsquo;s business, operating results and financial condition.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Transfer Agent and Registrar</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Continental Stock Transfer
 &amp; Trust Company, telephone 800-509-5586, is the transfer agent for our Class A common stock. ClearTrust LLC will act as the transfer
agent for the Series AA Preferred Stock.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Trading Symbol and Market</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our shares of Class&nbsp;A
common stock are listed on the Nasdaq Capital Market under the symbol &ldquo;CWD&rdquo;.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>MATERIAL U.S. FEDERAL
INCOME TAX CONSEQUENCES</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following is a discussion
of the material U.S. federal income and estate tax consequences of the ownership and disposition of our Series&nbsp;AA Preferred Stock
by a &ldquo;non-U.S. holder&rdquo; (as described below). This summary is limited to &ldquo;non-U.S. holders&rdquo; that hold our Series&nbsp;AA
Preferred Stock as a capital asset within the meaning of Section&nbsp;1221 of the Code (generally, property held for investment for U.S.
federal income tax purposes).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This discussion does not
address all aspects of U.S. federal income and estate taxation that may be relevant to non-U.S. holders in light of their particular
circumstances, does not discuss alternative minimum tax and Medicare contribution tax consequences and does not address any tax consequences
arising under the laws of any state, local or foreign jurisdiction.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This discussion also does
not address all of the consequences relevant to holders subject to special U.S. federal income tax rules, such as:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="text-align: justify">a
                                            non-U.S. holder that is a financial institution, insurance company, regulated investment
                                            company, tax-exempt organization, pension plan, broker, dealer or trader in stocks, securities
                                            or currencies, U.S. expatriate, controlled foreign corporation or passive foreign investment
                                            company; a non-U.S. holder holding Series&nbsp;AA Preferred Stock as part of a conversion,
                                            constructive sale, wash sale or other integrated transaction or a hedge, straddle or synthetic
                                            security; a non-U.S. holder whose functional currency is not the U.S. dollar; a non-U.S.
                                            holder that holds or receives Series&nbsp;AA Preferred Stock pursuant to the exercise of
                                            any employee stock option or otherwise as compensation; or a non-U.S. holder that at any
                                            time owns, directly, indirectly or constructively, 5% or more of our outstanding capital
                                            stock. A &ldquo;non-U.S. holder&rdquo; is a beneficial owner of a share of our Series&nbsp;AA
                                            Preferred Stock that is, for U.S. federal income tax purposes:</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="text-align: justify">a
                                            non-resident alien individual, other than a former citizen or resident of the United States
                                            subject to U.S. tax as an expatriate,</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="text-align: justify">a
                                            foreign corporation or any foreign organization taxable as a corporation for U.S. federal
                                            income tax purposes, or</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="text-align: justify">a
                                            foreign estate or trust.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If a partnership or other
pass-through entity (including an entity or arrangement treated as a partnership or other type of pass-through entity for U.S. federal
income tax purposes) owns our Series&nbsp;AA Preferred Stock, the tax treatment of a partner or beneficial owner of the entity may depend
upon the status of the partner or beneficial owner, the activities of the entity and certain determinations made at the partner or beneficial
owner level. Partners and beneficial owners in partnerships or other pass-through entities that own our Series&nbsp;AA Preferred Stock
should consult their tax advisors as to the particular U.S. federal income and estate tax consequences applicable to them.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This discussion is based
on the Code, and administrative pronouncements, judicial decisions and final, temporary and proposed Treasury Regulations, changes to
any of which subsequent to the date of this offering circular may affect the tax consequences described herein (possibly with retroactive
effect). Prospective holders are urged to consult their tax advisors with respect to the particular tax consequences to them of owning
and disposing of our Series&nbsp;AA Preferred Stock, including the consequences under the laws of any state, local or foreign jurisdiction.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Distributions</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We do not currently expect
to pay any cash distributions on our Series&nbsp;AA Preferred Stock. If we make distributions of cash or property (other than certain
pro rata distributions of Series&nbsp;AA Preferred Stock) with respect to our Series&nbsp;AA Preferred Stock, to the extent paid out
of our current or accumulated earnings and profits (as determined under U.S. federal income tax principles), such distributions generally
will be treated as dividends and will be subject to U.S. federal withholding tax at a 30% rate, or such reduced rate as may be specified
by an applicable income tax treaty, subject to the discussion of FATCA and backup withholding taxes below. In order to obtain a reduced
rate of withholding under an applicable income tax treaty, a non-U.S. holder generally will be required to provide a properly executed
U.S. Internal Revenue Service (&ldquo;IRS&rdquo;) Form&nbsp;W-8BEN or IRS Form&nbsp;W-8BEN-E, as applicable, certifying its entitlement
to benefits under the applicable treaty. To the extent such distributions exceed our current and accumulated earnings and profits, they
will constitute a tax-free return of capital, which will first reduce your adjusted tax basis in our Series&nbsp;AA Preferred Stock,
but not below zero, and thereafter will be treated as a gain from the sale or other disposition of our Series&nbsp;AA Preferred Stock,
as described below under &ldquo;Gain on Disposition of Our Series&nbsp;AA Preferred Stock.&rdquo;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Dividends paid to a non-U.S.
holder that are effectively connected with the non-U.S. holder&rsquo;s conduct of a trade or business within the United States (and,
if required by an applicable income tax treaty, are attributable to a permanent establishment or fixed base maintained by the non-U.S.
holder in the United States) will not be subject to U.S. federal withholding tax if the non-U.S. holder provides a properly executed
IRS Form&nbsp;W-8ECI. Instead, the effectively connected dividend income will generally be subject to regular U.S. income tax as if the
non-U.S. holder were a United States person as defined under the Code. A non-U.S. holder that is treated as a corporation for U.S. federal
income tax purposes may also be subject to an additional &ldquo;branch profits tax&rdquo; imposed at a rate of 30% on the effectively
connected dividend income, or such reduced rate as may be specified by an applicable income tax treaty.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Gain on Disposition of Our Series&nbsp;AA Preferred Stock</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Subject to the discussions
of backup withholding and FATCA withholding taxes below, a non-U.S. holder generally will not be subject to U.S. federal income tax on
gain realized on a sale or other disposition of Series&nbsp;AA Preferred Stock unless:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="text-align: justify">the
                                            gain is effectively connected with the non-U.S. holder&rsquo;s conduct of a trade or business
                                            in the United States (and, if required by an applicable tax treaty, the gain is attributable
                                            to a permanent establishment or fixed base maintained by the non-U.S. holder in the United
                                            States), in which case the gain will be subject to U.S. federal income tax generally in the
                                            same manner as effectively connected dividend income as described above;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="text-align: justify">the
                                            non-U.S. holder is an individual present in the United States for 183 days or more in the
                                            taxable year of disposition and certain other conditions are met, in which case the gain
                                            (net of certain U.S.-source losses) generally will be subject to U.S. federal income tax
                                            at a rate of 30% (or such reduced rate as may be specified by an applicable income tax treaty);
                                            or</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="text-align: justify">we
                                            are or have been a &ldquo;United States real property holding corporation&rdquo; (as described
                                            below), at any time during the shorter of the five-year period preceding the disposition
                                            or the period that the non-U.S. holder owned our Series&nbsp;AA Preferred Stock, and, in
                                            the case where our Series&nbsp;AA Preferred Stock is regularly traded on an established securities
                                            market during the calendar year in which the sale or disposition occurs, the non-U.S. holder
                                            has owned, directly or constructively, more than 5% of our Series&nbsp;AA Preferred Stock
                                            at any time during the shorter of the five-year period preceding the disposition or such
                                            non-U.S. holder&rsquo;s holding period for our Series&nbsp;AA Preferred Stock.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We will be a United States
real property holding corporation at any time that the fair market value of our &ldquo;United States real property interests,&rdquo;
as defined in the Code and applicable Treasury Regulations, equals or exceeds 50% of the aggregate fair market value of our worldwide
real property interests and our other assets used or held for use in a trade or business. We believe that we are not, and do not anticipate
becoming in the foreseeable future, a United States real property holding corporation. However, there can be no assurance in this regard
and non-U.S. holders are urged to consult their tax advisors regarding the application of these rules.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Information Reporting Requirements and Backup Withholding</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Information returns are required
to be filed with the IRS in connection with distributions on our Series&nbsp;AA Preferred Stock. A non-U.S. holder may have to comply
with certification procedures to establish that it is not a U.S. person in order to avoid additional information reporting and backup
withholding. The certification procedures required to claim a reduced rate of withholding under a treaty generally will satisfy the certification
requirements necessary to avoid backup withholding as well.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Backup withholding is not
an additional tax. The amount of any backup withholding from a payment to a non-U.S. holder generally will be allowed as a credit against
the non-U.S. holder&rsquo;s U.S. federal income tax liability and may entitle the non-U.S. holder to a refund, provided that the required
information is furnished to the IRS in a timely manner.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>FATCA Withholding Taxes</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Provisions of the Code and
Treasury Regulations and administrative guidance promulgated thereunder commonly referred as the &ldquo;Foreign Account Tax Compliance
Act&rdquo; (&ldquo;FATCA&rdquo;) generally impose withholding at a rate of 30% in certain circumstances on dividends in respect of our
Series&nbsp;AA Preferred Stock which are held by or through certain foreign financial institutions (including investment funds), unless
any such institution (1)&nbsp;enters into, and complies with, an agreement with the IRS to report, on an annual basis, information with
respect to interests in, and accounts maintained by, the institution that are owned by certain U.S. persons and by certain non-U.S. entities
that are wholly or partially owned by U.S. persons and to withhold on certain payments, or (2)&nbsp;if required under an intergovernmental
agreement between the United States and an applicable foreign country, reports such information to its local tax authority, which will
exchange such information with the U.S. authorities. An intergovernmental agreement between the United States and an applicable foreign
country may modify these requirements. Accordingly, the entity through which our Series&nbsp;AA Preferred Stock is held will affect the
determination of whether such withholding is required. Similarly, dividends in respect of our Series&nbsp;AA Preferred Stock held by
an investor that is a non-financial non-U.S. entity that does not qualify under certain exceptions generally will be subject to withholding
at a rate of 30%, unless such entity either (1)&nbsp;certifies to us or the applicable withholding agent that such entity does not have
any &ldquo;substantial United States owners&rdquo; or (2)&nbsp;provides certain information regarding the entity&rsquo;s &ldquo;substantial
United States owners,&rdquo; which will in turn be provided to the U.S. Department of Treasury.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Withholding under FATCA was
scheduled to apply to payments of gross proceeds from the sale or other disposition of property that produces U.S.-source interest or
dividends, however, the IRS released proposed regulations that, if finalized in their proposed form, would eliminate the obligation to
withhold on such gross proceeds. Although these proposed Treasury Regulations are not final, taxpayers generally may rely on them until
final Treasury Regulations are issued. Prospective investors should consult their tax advisors regarding the possible implications of
FATCA on their investment in our Series&nbsp;AA Preferred Stock.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Federal Estate Tax</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Individual
                                            non-U.S. holders (as specifically defined for U.S. federal estate tax purposes) and entities
                                            the property of which is potentially includible in such an individual&rsquo;s gross estate
                                            for U.S. federal estate tax purposes (for example, a trust funded by such an individual and
                                            with respect to which the individual has retained certain interests or powers) should note
                                            that the Series&nbsp;AA Preferred Stock will be treated as U.S. situs property subject to
                                            U.S. federal estate tax, unless an applicable tax treaty provides otherwise.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #1d1c1d"><a name="sp10-006"></a><b>PLAN
OF DISTRIBUTION</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>General</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are offering up to a maximum
of 800,000 shares of our Series&nbsp;AA Preferred Stock. The offering is made through ARKap Markets, LLC, our managing dealer, on a &ldquo;best
efforts&rdquo; basis, which means that the managing dealer is only required to use its good faith efforts and reasonable diligence to
sell the shares and has no firm commitment or obligation to purchase any specific number or dollar amount of the shares.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The shares will be sold at
a public offering price of $25.00 per share. The minimum initial investment is at least $5,000 and any additional purchases must be investments
of at least $5,000; provided that purchases of less than $5,000 may be made in the discretion of the managing dealer.</p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This offering will terminate
at the earlier of: (1)&nbsp;the date at which the maximum amount of offered Series&nbsp;AA Preferred Stock has been sold, (2)&nbsp;the
date which is one year after the offering statement of which this offering circular forms a part is originally qualified by the SEC,
subject to an extension of up to an additional one year at the discretion of our company and the managing dealer, or (3)&nbsp;the date
on which this offering is earlier terminated by us in our sole discretion.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">ARKap Markets, LLC is a securities
broker-dealer registered with the SEC and a member firm of FINRA. Its principal business address is <font style="color: #474747">2827
Peachtree Rd Suite&nbsp;510, Atlanta, GA 30305</font>. The managing dealer will manage, direct and supervise its associated persons who
will be wholesalers in connection with the offering. We expect the managing dealer to authorize other broker-dealers that are members
of FINRA, which we refer to as participating broker-dealers, to sell our Series&nbsp;AA Preferred Stock in this offering. An affiliate
of ARKap Markets, LLC, Arkadios Capital LLC, will serve as the trading agent for the offering.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Compensation of Managing Dealer and Participating Broker-Dealers</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have agreed to pay
to the participating broker-dealers a selling commission of up to 5.00% of the gross offering and a reallowance fee of up to 1.00% of
gross offering proceeds, which commissions and fees may be waived in the sole discretion of the participating broker-dealers. In addition,
we will pay the managing dealer a wholesaling fee of 1.00% of gross offering proceeds for sales efforts by the Company&rsquo;s employees
that will be passed on directly to such employees pursuant to a commission sharing agreement, all or a portion of which the managing
dealer may reallow to a participating broker-dealer in its sole discretion. The managing dealer will also receive a managing dealer fee
of 1.00% of gross offering proceeds.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Notwithstanding the foregoing,
the combined selling commissions and managing dealer fees for this offering will not exceed 8.00% of the aggregate gross proceeds of
this offering.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
connection with the sale of shares to investors whose contracts for investment advisory and related brokerage services include a fixed
or &ldquo;wrap&rdquo; fee feature, the investors may agree with their broker-dealers to reduce the amount of selling commissions and
reallowance fee payable with respect to the purchase of their shares down to zero (i) if the investor has engaged the services of a registered
investment advisor or other financial advisor who will be paid compensation for investment advisory services or other financial or investment
advice, or (ii) if the investor is investing through a bank trust account with respect to which the investor has delegated the decision-making
authority for investments made through the account to a bank trust department. The net proceeds to us will not be affected by reducing
commissions payable in connection with such sales. </font><font style="font-size: 10pt">&nbsp;&nbsp;</font>Neither the managing
dealer nor its affiliates will directly or indirectly compensate any person engaged as an investment advisor or a bank trust department
by a potential investor as an inducement for such investment advisor or bank trust department to advise favorably for an investment in
the shares offered hereby.</p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">No commissions or additional
compensation will be payable on shares issued in satisfaction of our redemption payment obligations.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The table below sets forth
the nature and estimated amount of all items viewed as compensation by FINRA, assuming we sell all the shares offered hereby.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Per
    Share</b></font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" style="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Maximum
    Offering</b></font></td>
    <td>&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="width: 70%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Public offering price</font></td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td>
    <td style="text-align: right; width: 12%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">25.00</font></td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td>
    <td style="text-align: right; width: 12%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20,000,000</font></td>
    <td style="width: 1%">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: white">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Selling commissions and reallowance fee </font><font style="font-size: 10pt"><sup>(1)
    (3)</sup></font></td>
    <td>&nbsp;</td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.50</font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,200,000</font></td>
    <td>&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Managing dealer fee and wholesaling fee </font><font style="font-size: 10pt"><sup>(2)
    (3)</sup></font></td>
    <td>&nbsp;</td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.50</font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">400,000</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font><font style="font-size: 10pt">&nbsp;</font></td></tr>
  <tr style="vertical-align: bottom; background-color: white">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Proceeds to us, before expenses </font><font style="font-size: 10pt"><sup>(3)</sup></font></td>
    <td>&nbsp;</td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.00</font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">18,400,000</font></td>
    <td>&nbsp;</td></tr>
  </table>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>





<p style="margin: 0"><font style="font-size: 1pt">&nbsp;</font></p>





<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</font></td>
    <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This includes (a) selling
    commissions of up to 5.00% of gross offering proceeds and (b) a reallowance fee of up to 1.00% of gross offering proceeds.&nbsp;&nbsp;The
    selling commissions and reallowance fee are payable to the participating broker dealers and may be waived in such participating broker
    dealer&rsquo;s sole discretion. </font></td></tr>
  <tr style="vertical-align: top">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</font></td>
    <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This includes (a) a
    wholesaling fee of 1.00% of gross offering proceeds and (b) a managing dealer fee of 1.00% of gross offering proceeds. The wholesaling
    fee is payable to the managing dealer and the managing dealer may reallow all or a portion of such wholesaling fee to a participating
    broker dealer in its sole discretion. </font></td></tr>
  <tr style="vertical-align: top">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</font></td>
    <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The combined selling
    commissions and managing dealer fees for this offering will not exceed 8.00% of the aggregate gross proceeds of this offering.</font></td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We
                                            will be responsible for all expenses related to the issuance and distribution of the Series
                                            AA Preferred Stock in this offering, including all expenses incident to marketing the offering
                                            and submitting filings with federal and state regulatory authorities, legal and accounting
                                            fees, and all costs of reproduction and distribution of this offering circular and any amendment
                                            or supplement thereto. We estimate that our total offering expenses, excluding the retail
                                            commissions and managing dealer fees will be approximately $135,000. For further discussion,
                                            see the section entitled &ldquo;<i>Use of Proceeds</i>.&rdquo;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">To the extent permitted by
law and our articles of incorporation, we will indemnify the participating broker-dealers and the managing dealer against certain civil
liabilities, including certain liabilities arising under the Securities Act and liabilities arising from breaches of our representations
and warranties contained in the managing dealer agreement. Nevertheless, the SEC takes the position that indemnification against liabilities
arising under the Securities Act is against public policy and is not enforceable.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Purchase of Securities by Our Officers and Directors</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our officers and directors
and affiliates of our officers and directors are permitted to purchase shares in this offering. Any such purchases shall be conducted
in compliance with the applicable provisions of Regulation M.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Subscription Agreement</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All investors will be required to complete
and execute a subscription agreement in the form included as an exhibit to this offering circular. Subscription agreements may be submitted
in paper form and should be delivered to UMB Bank, N.A., Attn: Lara Stevens, Corporate Trust &amp; Escrow Services, 928 Grand Blvd, 12th
Fl, Kansas City, MO 64106. Subscriptions may also be submitted electronically, if electronic subscription agreements and signature are
made available to you by your registered representative or financial adviser. Generally, when submitting a subscription agreement electronically,
a prospective investor will be required to agree to various terms and conditions by checking boxes and to review and electronically sign
any necessary documents. You may pay the purchase price by check, ACH or wire of your subscription purchase price in accordance with
the instructions in the subscription agreement. All checks should be made payable to &ldquo;UMB Bank Escrow Agent for CaliberCos Inc.&rdquo;
We will hold closings on the first and third Thursday of each month assuming there are funds to close.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Once a subscription has been submitted and
accepted by the Company, an investor will not have the right to request the return of its subscription payment prior to the next closing
date. If subscriptions are received on a closing date and accepted by the Company prior to such closing, any such subscriptions will
be closed on that closing date. If subscriptions are received on a closing date but not accepted by the Company prior to such closing,
any such subscriptions will be closed on the next closing date. It is expected that settlement will occur two business days following
each closing date. Two business days after the closing date, offering proceeds for that closing will be disbursed to us and the Series
AA Preferred Stock will be issued to the investors in the offering. If the Company is dissolved or liquidated after the acceptance of
a subscription, the respective subscription payment will be returned to the subscriber.</p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">By completing and executing your subscription
agreement you will also acknowledge and represent that you have received a copy of this offering circular, your rights and responsibilities
regarding your Series&nbsp;AA Preferred Stock will be governed by the offering circular.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Book-Entry, Transfer Agent and DTC</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have engaged ClearTrust LLC as the transfer
agent for this offering. Shares of Series AA Preferred Stock are issued to investors in book-entry only format. The transfer agent will
record and maintain records of the shares of Series AA Preferred Stock issued by us.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We intend to gain eligibility for the shares
of Series AA Preferred Stock to be issued and held through the book-entry systems and procedures of Depository Trust Corporation, or
 &ldquo;DTC&rdquo;, and intend for all shares of Series AA Preferred Stock purchased through DTC participants to be held via DTC&rsquo;s
book-entry systems and to be held in the name of DTC, or its nominee, Cede &amp; Co. (DTC&rsquo;s nominee) on the books of the transfer
agent.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">So long as DTC, or its nominee, Cede &amp;
Co., is the registered owner of the shares of Series AA Preferred Stock purchased through DTC participants, such nominee will be considered
the sole owner and holder of those shares of Series AA Preferred Stock for all purposes. Owners of beneficial interests in those shares
of Series AA Preferred Stock will not be entitled to have the shares of Series AA Preferred Stock registered in their names and will
not be considered the owners or holders of the shares of Series AA Preferred Stock, including for purposes of receiving any reports delivered
by us. Accordingly, each person owning a beneficial interest in a share of Series AA Preferred Stock registered to DTC or its nominee
must rely on either the procedures of DTC or its nominee in order to exercise any rights of a holder of shares of Series AA Preferred
Stock.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As a result:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="text-align: justify">all
                                            references in this offering circular to actions taken either by holders of our Series AA
                                            Preferred Stock will refer to actions taken by holders of Series AA Preferred Stock who have
                                            not purchased their shares of Series AA Preferred Stock through a DTC participant or by DTC
                                            upon instructions from its direct participants; and</td></tr>
<tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="text-align: justify">all
                                            references in this offering circular to payments and notices to holders of Series AA Preferred
                                            Stock will refer either to (i) payments and notices to DTC or Cede &amp; Co. for distribution
                                            to you in accordance with DTC procedures, or (ii) or payments or notices to holders of Series
                                            AA Preferred Stock who have not purchased their units through a DTC participant.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">DTC is required to make book-entry transfers
on behalf of its direct participants and is required to receive and transmit payments of principal, premium, if any, and dividends on
the Series AA Preferred Stock. Any direct participant or indirect participant with which you have an account is similarly required to
make book-entry transfers and to receive and transmit payments with respect to the Series AA Preferred Stock on your behalf. We have
no responsibility for any aspect of the actions of DTC or any of its direct or indirect participants. In addition, we have no responsibility
or liability for any aspect of the records kept by DTC or any of its direct or indirect participants relating to or payments made on
account of beneficial ownership interests in the Series AA Preferred Stock or for maintaining, supervising or reviewing any records relating
to such beneficial ownership interests. We also do not supervise these systems in any way.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">You can only exercise the rights of a Series
AA Preferred Stock holder indirectly through DTC and its direct participants, as applicable. DTC has advised us that it will only take
action regarding Series AA Preferred Stock if one or more of the direct participants to whom the Series AA Preferred Stock is credited
directs DTC to take such action and only in respect of the portion of the aggregate amount of the Series AA Preferred Stock as to which
that participant or participants has or have given that direction. DTC can only act on behalf of its direct participants. Your ability
to pledge Series AA Preferred Stock, and to take other actions, may be limited because you will not possess a physical certificate that
represents your Series AA Preferred Stock.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the global shares certificate representing
Series AA Preferred Stock is held by DTC, conveyance of notices and other communications to the beneficial owners, and vice versa, will
occur via DTC. The issuer will communicate directly with DTC. DTC will then communicate to direct participants. The direct participants
will communicate with the indirect participants, if any. Then, direct participants and indirect participants will communicate to beneficial
owners. Such communications will be governed by arrangements among them, subject to any statutory or regulatory requirements as may be
in effect from time to time.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>The Depository Trust Company</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have obtained the information in this section
concerning DTC and its book-entry systems and procedures from sources that we believe to be reliable. The description of the clearing
system in this section reflects our understanding of the rules&nbsp;and procedures of DTC as they are currently in effect. DTC could
change its rules&nbsp;and procedures at any time.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">DTC will act as securities depositary for the VIP Bonds registered
in the name of its nominee, Cede&nbsp;&amp; Co. DTC is:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px">&nbsp;</td>
    <td style="width: 24px; font-size: 10pt"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td>
    <td style="font-size: 10pt"><font style="font-size: 10pt">a limited-purpose trust company organized under the New York Banking Law;</font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px">&nbsp;</td>
    <td style="width: 24px; font-size: 10pt"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td>
    <td style="font-size: 10pt"><font style="font-size: 10pt">a &ldquo;banking organization&rdquo; under the New York Banking Law;</font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px">&nbsp;</td>
    <td style="width: 24px; font-size: 10pt"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td>
    <td style="font-size: 10pt"><font style="font-size: 10pt">a member of the Federal Reserve System;</font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px">&nbsp;</td>
    <td style="width: 24px; font-size: 10pt"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td>
    <td style="font-size: 10pt"><font style="font-size: 10pt">a &ldquo;clearing corporation&rdquo; under the New York Uniform Commercial
    Code; and</font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px">&nbsp;</td>
    <td style="width: 24px; font-size: 10pt"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td>
    <td style="font-size: 10pt"><font style="font-size: 10pt">a &ldquo;clearing agency&rdquo; registered under the provisions of Section&nbsp;17A
    of the Exchange Act.</font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">DTC holds securities that its direct participants
deposit with DTC. DTC facilitates the settlement among direct participants of securities transactions, such as transfers and pledges,
in deposited securities through electronic computerized book-entry changes in direct participants&rsquo; accounts, thereby eliminating
the need for physical movement of securities certificates.&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Direct participants of DTC include securities
brokers and dealers, banks, trust companies, clearing corporations and certain other organizations. DTC is owned by a number of its direct
participants. Indirect participants of DTC, such as securities brokers and dealers, banks, and trust companies, can also access the DTC
system if they maintain a custodial relationship with a direct participant.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Purchases of Series&nbsp;AA Preferred Stock under
DTC&rsquo;s system must be made by or through direct participants, which will receive a credit for the Series&nbsp;AA Preferred Stock
on DTC&rsquo;s records. The ownership interest of each beneficial owner is in turn to be recorded on the records of direct participants
and indirect participants. Beneficial owners will not receive written confirmation from DTC of their purchase, but beneficial owners
are expected to receive written confirmations providing details of the transaction, as well as periodic statements of their holdings,
from the direct participants or indirect participants through which such beneficial owners entered into the transaction. Transfers of
ownership interests in the Series&nbsp;AA Preferred Stock are to be accomplished by entries made on the books of participants acting
on behalf of beneficial owners. Beneficial owners will not receive certificates representing their ownership interests in Series&nbsp;AA
Preferred Stock.&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Conveyance of notices and other communications
by DTC to direct participants, by direct participants to indirect participants and by direct participants and indirect participants to
beneficial owners will be governed by arrangements among them, subject to any statutory or regulatory requirements as may be in effect
from time to time.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Registrar and Paying Agent</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have designated ClearTrust LLC as paying
agent. ClearTrust LLC will also act as registrar for the Series AA Preferred Stock. As such, ClearTrust LLC will make payments on the
Series AA Preferred Stock to the holders of Series AA Preferred Stock, if such holders are holders of record on the books of our transfer
agent, or to Cede &amp; Co., as nominee of DTC, if the shares of Series AA Preferred Stock are purchased through DTC participants and
held in the name of DTC, or its nominee, Cede &amp; Co. (DTC&rsquo;s nominee) on the books of the transfer agent. . The Series AA Preferred
Stock will be issued in book-entry form only.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Investment Amount Limitations</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Generally, no sale may be
made to you in this offering if the aggregate purchase price you pay is more than 10% of the greater of your annual income or net worth.
Different rules&nbsp;apply to accredited investors and non-natural persons. Before making any representation that your investment does
not exceed applicable thresholds, we encourage you to review Rule&nbsp;251(d)(2)(i)(C)&nbsp;of Regulation A. For general information
on investing, we encourage you to refer to <u>www.investor.gov</u>.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As a Tier 2, Regulation A
offering, investors must comply with the 10% limitation to investment in the offering. The only investor in this offering exempt from
this limitation is an &ldquo;accredited investor&rdquo; as defined under Rule&nbsp;501 of Regulation D. If you meet one of the following
tests you should qualify as an accredited investor:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="text-align: justify">A
                                            person who had individual income in excess of $200,000 in each of the two most recent years
                                            or joint income with their spouse or spousal equivalent in excess of $300,000 in each of
                                            those years and has a reasonable expectation of reaching the same income level in the current
                                            year</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="text-align: justify">A
                                            person whose individual net worth, or joint net worth with their spouse or spousal equivalent,
                                            exceeds $1,000,000</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="text-align: justify">A
                                            director or executive officer of our company</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="text-align: justify">A
                                            person holding one of the following licenses in good standing: General Securities Representative
                                            license (Series&nbsp;7), the Private Securities Offerings Representative license (Series&nbsp;82),
                                            or the Investment Adviser Representative license (Series&nbsp;65)</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="text-align: justify">An
                                            entity all of whose beneficial equity owners meet one of the conditions in the first two
                                            bullets above</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="text-align: justify">An
                                            entity that has total assets in excess of $5,000,000, was not formed for the specific purpose
                                            of acquiring the securities offered and is one or more of the following (A)&nbsp;an organization
                                            described in Section&nbsp;501(c)(3)&nbsp;of the Internal Revenue Code of 1986, as amended;
                                            (B)&nbsp;a corporation, (C)&nbsp;a Massachusetts or similar business trust, (D)&nbsp;a partnership,
                                            or (E)&nbsp;a limited liability company</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="text-align: justify">A
                                            trust with total assets exceeding $5,000,000, which was not formed for the specific purpose
                                            of acquiring the securities offered and whose purchase is directed by a person who has such
                                            knowledge and experience in financial and business matters that he or she is capable of evaluating
                                            the merits and risks of the investment in the securities offered</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="text-align: justify">A
                                            bank as defined in section 3(a)(2)&nbsp;of the Securities Act, or any savings and loan association
                                            or other institution as defined in section 3(a)(5)(A)&nbsp;of the Securities Act whether
                                            acting in its individual or fiduciary capacity</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="text-align: justify">A
                                            broker or dealer registered pursuant to section 15 of the Exchange Act</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="text-align: justify">An
                                            investment adviser registered pursuant to section 203 of the Investment Advisers Act of 1940
                                            or registered pursuant to the laws of a state</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="text-align: justify">An
                                            investment adviser relying on the exemption from registering with the SEC under section 203(l)&nbsp;or
                                            (m)&nbsp;of the Investment Advisers Act of 1940, or the Investment Advisers Act</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="text-align: justify">An
                                            insurance company as defined in section 2(a)(13) of the Securities Act</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="text-align: justify">An
                                            investment company registered under the Investment Company Act of 1940, or the Investment
                                            Company Act, or a business development company as defined in section 2(a)(48) of the Investment
                                            Company Act</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="text-align: justify">A
                                            Small Business Investment Company licensed by the U.S. Small Business Administration under
                                            section 301(c)&nbsp;or (d)&nbsp;of the Small Business Investment Act of 1958</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="text-align: justify">A
                                            Rural Business Investment Company as defined in section 384A of the Consolidated Farm and
                                            Rural Development Act</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="text-align: justify">A
                                            plan established and maintained by a state, its political subdivisions, or any agency or
                                            instrumentality of a state or its political subdivisions, for the benefit of its employees,
                                            if such plan has total assets in excess of $5,000,000</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="text-align: justify">An
                                            employee benefit plan within the meaning of Title I of the Employee Retirement Income Security
                                            Act of 1974 and (A)&nbsp;the investment decision is made by a plan fiduciary, as defined
                                            therein, in Section&nbsp;3(21), which is either a bank, savings and loan association, insurance
                                            company, or registered investment adviser; or (B)&nbsp;the employee benefit plan has total
                                            assets in excess of $5,000,000; or (C)&nbsp;the plan is a self-directed plan with investment
                                            decisions made solely by persons who are &ldquo;accredited investors&rdquo; as defined therein</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="text-align: justify">A
                                            private business development company as defined in Section&nbsp;202(a)(22) of the Investment
                                            Advisers Act</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="text-align: justify">A
                                            &ldquo;family office,&rdquo; as defined in rule&nbsp;202(a)(11)(G)-1 under the Investment
                                            Advisers Act: (A)&nbsp;with assets under management in excess of $5,000,000, (B)&nbsp;that
                                            is not formed for the specific purpose of acquiring the securities offered, and (C)&nbsp;whose
                                            prospective investment is directed by a person who has such knowledge and experience in financial
                                            and business matters that such family office is capable of evaluating the merits and risks
                                            of the prospective investment</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="text-align: justify">A
                                            &ldquo;family client,&rdquo; as defined in rule&nbsp;202(a)(11)(G)-1 under the Investment
                                            Advisers Act, of a family office meeting the requirements in the bullet above and whose prospective
                                            investment in the issuer is directed by such family office pursuant to clause (C)&nbsp;of
                                            that bullet</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="text-align: justify">An
                                            entity, of a type not listed in the bullets above for entities, not formed for the specific
                                            purpose of acquiring the securities offered, owning investments in excess of $5,000,000.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For purposes of calculating
net worth a person&rsquo;s primary residence is not included as an asset; indebtedness that is secured by a primary residence, up to
the estimated fair market value of the primary residence at the time of the purchase of securities, is not included as a liability (except
that if the amount of such indebtedness outstanding at the time of the purchase of securities exceeds the amount outstanding 60 days
before such time, other than as a result of the acquisition of the primary residence, the amount of such excess is included as a liability);
and indebtedness that is secured by a primary residence in excess of the estimated fair market value of the primary residence at the
time of the purchase of securities is included as a liability.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In determining income, an
investor should add to the investor&rsquo;s adjusted gross income any amounts attributable to tax exempt income received, losses claimed
as a limited partner in any limited partnership, deduction claimed for depletion, contribution to an IRA or Keogh plan, alimony payments,
and any amount by which income for long-term capital gains has been reduced in arriving at adjusted gross income.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Offer Restrictions Outside the United States</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Other than in the United
States, no action has been taken by us or the managing dealer that would permit a public offering of the securities offered by this offering
circular in any jurisdiction where action for that purpose is required. The securities offered by this offering circular may not be offered
or sold, directly or indirectly, nor may this offering circular or any other offering material or advertisements in connection with the
offer and sale of any such securities be distributed or published in any jurisdiction, except under circumstances that will result in
compliance with the applicable rules&nbsp;and regulations of that jurisdiction. Persons into whose possession this offering circular
comes are advised to inform themselves about and to observe any restrictions relating to the offering and the distribution of this offering
circular. This offering circular does not constitute an offer to sell or a solicitation of an offer to buy any securities offered by
this offering circular in any jurisdiction in which such an offer or a solicitation is unlawful.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #1d1c1d"><a name="sp10-007"></a><b>LEGAL
MATTERS</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The validity of the shares
of Series&nbsp;AA Preferred Stock covered by this offering circular will be passed upon by Manatt, Phelps&nbsp;&amp; Phillips, LLP, Costa
Mesa, California.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #1d1c1d"><a name="sp10-008"></a><b>EXPERTS</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The financial statements
of CaliberCos Inc. and subsidiaries as of December&nbsp;31, 2023 and 2022, and for each of the two years in the period ended December&nbsp;31,
2023 included in this Offering Circular, have been audited by Deloitte&nbsp;&amp; Touche LLP, an independent registered public accounting
firm, as stated in their report. Such financial statements are included in reliance upon the report of such firm given their authority
as experts in auditing and accounting.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #1d1c1d"><a name="sp10-009"></a><b>WHERE
YOU CAN FIND MORE INFORMATION</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have filed with the SEC
an offering statement on Form&nbsp;1-A under the Securities Act with respect to the units offered in this offering. This offering circular
does not contain all of the information set forth in the offering statement. For further information with respect to the units offered
in this offering and our company, we refer you to the offering statement and to the attached exhibits. With respect to each such document
filed as an exhibit to the offering statement, we refer you to the exhibit for a more complete description of the matters involved.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">You may inspect our offering
statement and the attached exhibits and schedules without charge at the public reference facilities maintained by the SEC at 100 F Street,
N.E., Washington, D.C. 20549. You can also request copies of those documents, upon payment of a duplicating fee, by writing to the SEC.
Please call the SEC at 1-800-SEC-0330 for further information on the operation of the public reference rooms.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our SEC filings, including
the offering statement and the exhibits filed with the offering statement, are also available from the SEC&rsquo;s website at www.sec.gov,
which contains reports, proxy and information statements and other information regarding issuers that file electronically with the SEC.
Additionally, we will make these filings available, free of charge, on our website at www.mhproperties.com as soon as reasonably practicable
after we electronically file such materials with, or furnish them to, the SEC. The information on our website, other than these filings,
is not, and should not be, considered part of this prospectus and is not incorporated by reference into this document.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><a name="sp10-010"></a><b>INDEX TO CONSOLIDATED
FINANCIAL STATEMENTS</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom">
    <td style="width: 92%">&nbsp;</td>
    <td style="width: 8%; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Page</b></font></td></tr>
  <tr style="vertical-align: bottom; background-color: #CFF0FC">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Three and Nine Month Periods Ended September&nbsp;30,
    2024 and 2023 (Unaudited)</b></font></td>
    <td>&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: white">
    <td style="padding-left: 0.125in"><a href="#spF-001"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consolidated
    Balance Sheets as of September&nbsp;30, 2024 and December&nbsp;31, 2023</font></a></td>
    <td style="text-align: center"><a href="#spF-001"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-2</font></a></td></tr>
  <tr style="vertical-align: bottom; background-color: #CFF0FC">
    <td style="padding-left: 0.125in"><a href="#spF-002"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consolidated
    Statements of Operations for the Three and Nine Months Ended September&nbsp;30, 2024 and 2023</font></a></td>
    <td style="text-align: center"><a href="#spF-002"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-4</font></a></td></tr>
  <tr style="vertical-align: bottom; background-color: white">
    <td style="padding-left: 0.125in"><a href="#spF-003"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consolidated
    Statements of Changes in Stockholders&rsquo; Equity for the Three and Nine Months Ended September&nbsp;30, 2024 and 2023</font></a></td>
    <td style="text-align: center"><a href="#spF-003"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-5</font></a></td></tr>
  <tr style="vertical-align: bottom; background-color: #CFF0FC">
    <td style="padding-left: 0.125in"><a href="#spF-004"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consolidated
    Statements of Cash Flows for the Nine Months Ended September&nbsp;30, 2024 and 2023</font></a></td>
    <td style="text-align: center"><a href="#spF-004"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-7</font></a></td></tr>
  <tr style="vertical-align: bottom; background-color: white">
    <td style="padding-left: 0.125in"><a href="#spF-005"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes
    to Consolidated Financial Statements</font></a></td>
    <td style="text-align: center"><a href="#spF-005"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-9</font></a></td></tr>
  <tr style="vertical-align: bottom; background-color: #CFF0FC">
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: white">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2023 Audited Financial Statements</b></font></td>
    <td>&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CFF0FC">
    <td style="padding-left: 0.125in"><a href="#spF-006"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reports
    of Independent Registered Public Accounting Firm</font></a></td>
    <td style="text-align: center"><a href="#spF-006"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-41</font></a></td></tr>
  <tr style="vertical-align: bottom; background-color: white">
    <td style="padding-left: 0.125in"><a href="#spF-007"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consolidated
    Balance Sheets as of December&nbsp;31, 2023 and December&nbsp;31, 2022</font></a></td>
    <td style="text-align: center"><a href="#spF-007"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-42</font></a></td></tr>
  <tr style="vertical-align: bottom; background-color: #CFF0FC">
    <td style="padding-left: 0.125in"><a href="#spF-008"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consolidated
    Statements of Operations for the Years Ended December&nbsp;31, 2023 and 2022</font></a></td>
    <td style="text-align: center"><a href="#spF-008"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-43</font></a></td></tr>
  <tr style="vertical-align: bottom; background-color: white">
    <td style="padding-left: 0.125in"><a href="#spF-009"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consolidated
    Statements of Changes in Stockholders&rsquo; Equity for the Years Ended December&nbsp;31, 2023 and 2022</font></a></td>
    <td style="text-align: center"><a href="#spF-009"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-44</font></a></td></tr>
  <tr style="vertical-align: bottom; background-color: #CFF0FC">
    <td style="padding-left: 0.125in"><a href="#spF-010"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consolidated
    Statements of Cash Flows for the Years Ended December&nbsp;31, 2023 and 2022</font></a></td>
    <td style="text-align: center"><a href="#spF-010"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-46</font></a></td></tr>
  <tr style="vertical-align: bottom; background-color: white">
    <td style="padding-left: 0.125in"><a href="#spF-011"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes
    to Consolidated Financial Statements</font></a></td>
    <td style="text-align: center"><a href="#spF-011"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-47</font></a></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><a name="spF-001"></a><b>CALIBERCOS INC. AND SUBSIDIARIES</b>&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>CONSOLIDATED BALANCE SHEETS</b>&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>(AMOUNTS IN THOUSANDS, EXCEPT FOR SHARE AND
PER SHARE DATA)</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">September&nbsp;30,
    2024</td><td style="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">December&nbsp;31,
    2023</td><td style="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center">Assets</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 70%">Cash</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right">516</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right">940</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Restricted cash</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">2,534</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">2,569</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Real estate investments, net</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">21,515</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">21,492</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Notes receivable - related parties</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">50</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Due from related parties</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">12,305</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">9,709</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Investments in unconsolidated entities</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">12,723</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">3,338</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Operating lease - right of use assets</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">159</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">193</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Prepaid and other assets</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">2,808</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">2,781</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: italic 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left">Assets of consolidated funds</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif">Cash</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,053</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">2,865</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Restricted cash</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">11,266</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Real estate investments, net</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">46,084</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">185,636</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Accounts receivable, net</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">184</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,978</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Notes receivable&nbsp;- related parties</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">58,233</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">34,620</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Operating lease - right of use assets</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">10,318</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Prepaid and other assets</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">469</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">11,677</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left">Total assets</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">158,583</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">299,432</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center">Liabilities and Stockholders&rsquo; Equity</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Notes payable</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">49,673</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">53,799</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Accounts payable and accrued expenses</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">8,638</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">8,886</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Due to related parties</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">210</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">257</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Operating lease liabilities</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">100</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">119</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Other liabilities</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">763</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">420</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: italic 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left">Liabilities of consolidated funds</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Notes payable, net</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">33,752</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">129,684</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Notes payable - related parties</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">12,055</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Accounts payable and accrued expenses</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,444</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">11,736</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Due to related parties</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">35</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">101</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Operating lease liabilities</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">13,957</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Other liabilities</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">687</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">2,400</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left">Total liabilities</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">95,302</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">233,414</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Commitments and Contingencies</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>CALIBERCOS INC. AND SUBSIDIARIES</b>&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>CONSOLIDATED BALANCE SHEETS</b>&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>(AMOUNTS IN THOUSANDS, EXCEPT FOR SHARE AND
PER SHARE DATA)</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-size: 10pt">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">September&nbsp;30,
    2024</td><td style="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">December&nbsp;31,
    2023</td><td style="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; width: 70%; text-align: left">Common
    stock Class&nbsp;A, $0.001 par value; 100,000,000 shares authorized, 14,967,702 and 13,872,671 shares issued and outstanding as of
    September&nbsp;30, 2024 and December&nbsp;31, 2023, respectively</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right">15</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right">14</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Common stock
    Class&nbsp;B, $0.001 par value; 15,000,000 shares authorized, 7,416,414 shares issued and outstanding as September&nbsp;30, 2024
    and December&nbsp;31, 2023</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">7</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">7</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Paid-in capital</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">41,348</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">39,432</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Accumulated
    deficit</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(45,219</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(36,830</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Stockholders&rsquo;
    (deficit) equity attributable to CaliberCos Inc.</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(3,849</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">2,623</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Stockholders&rsquo;
    equity attributable to noncontrolling interests</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">67,130</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">63,395</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif; padding-left: 0.375in; text-align: left">Total stockholders&rsquo;
    equity</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">63,281</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">66,018</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif; padding-left: 0.5in; text-align: left">Total liabilities
    and stockholders&rsquo; equity</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">158,583</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">299,432</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The accompanying notes are an integral part of
these consolidated financial statements.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>CALIBERCOS INC. AND SUBSIDIARIES</b>&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><a name="spF-002"></a><b>CONSOLIDATED STATEMENTS
OF OPERATIONS</b>&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>(AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA)</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font-size: 10pt">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td colspan="6" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Three Months
    Ended<br>
    September&nbsp;30,</td><td style="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td colspan="6" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Nine Months
    Ended<br>
    September&nbsp;30,</td><td style="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font-size: 10pt">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2024</td><td style="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2023</td><td style="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2024</td><td style="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2023</td><td style="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font: bold 10pt Times New Roman, Times, Serif">Revenues</td><td style="font-size: 10pt">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; width: 48%; text-align: left">Asset
    management revenues</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">6,530</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">2,316</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">12,926</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">6,246</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left">Performance allocations</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">175</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">36</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">357</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">2,474</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left">Consolidated
    funds &ndash; hospitality revenues</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">2,494</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">12,526</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">23,533</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">52,008</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left">Consolidated
    funds &ndash; other revenues</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">2,103</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">2,147</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">5,616</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">6,264</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif; padding-left: 0.375in; text-align: left">Total revenues</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">11,302</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">17,025</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">42,432</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">66,992</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font: bold 10pt Times New Roman, Times, Serif">Expenses</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left">Operating costs</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">4,592</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">4,881</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">15,389</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">16,205</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left">General and administrative</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,441</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,672</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">5,460</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">4,914</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left">Marketing and
    advertising</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">174</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">210</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">507</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">888</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left">Depreciation
    and amortization</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">149</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">140</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">439</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">409</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left">Consolidated
    funds &ndash; hospitality expenses</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">3,097</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">18,644</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">23,191</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">59,676</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left">Consolidated
    funds &ndash; other expenses</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">975</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">2,883</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">5,405</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">6,757</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif; padding-left: 0.375in; text-align: left">Total expenses</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">10,428</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">28,430</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">50,391</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">88,849</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Other income,
    net</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">425</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">414</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,015</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,479</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Interest income</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">51</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">85</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">325</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">279</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Interest expense</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(1,349</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(1,316</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(3,958</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(3,408</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font: bold 10pt Times New Roman, Times, Serif; text-align: left">Net income
    (loss) before income taxes</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(12,222</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(10,577</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(23,507</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Benefit from
    income taxes</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font: bold 10pt Times New Roman, Times, Serif; text-align: left">Net income
    (loss)</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(12,222</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(10,577</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(23,507</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Net loss attributable
    to noncontrolling interests</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(145</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(8,813</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(2,188</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(13,165</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">Net
    income (loss) attributable to CaliberCos Inc.</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">146</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(3,409</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(8,389</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(10,342</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">Basic
    net income (loss) per share attributable to common stockholders</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">0.01</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(0.16</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(0.38</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(0.53</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">Diluted
    net income (loss) per share attributable to common stockholders</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">0.01</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(0.16</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(0.38</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(0.53</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif">Weighted average common shares
    outstanding:</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif">Basic</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">22,128</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">21,238</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">21,828</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">19,688</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif">Diluted</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">24,867</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">21,238</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">21,828</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">19,688</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The accompanying notes are an integral part of
these consolidated financial statements.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>CALIBERCOS INC. AND SUBSIDIARIES</b>&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><a name="spF-003"></a><b>CONSOLIDATED STATEMENTS
OF CHANGES IN STOCKHOLDERS&rsquo; EQUITY</b>&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>(AMOUNTS IN THOUSANDS)</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="font: 7pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="font-size: 7pt; vertical-align: bottom">
<td style="text-indent: -0.125in; padding-left: 0.25in; white-space: nowrap; text-align: center; font-size: 7pt"><font style="font-size: 7pt"><b>&nbsp;</b></font></td>
<td style="font: bold 7pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center; padding-bottom: 1pt"><font style="font-size: 7pt"><b>&nbsp;</b></font></td>
<td colspan="11" style="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><font style="font-size: 7pt"><b>Common
Stock</b></font></td>
<td style="font: bold 7pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center; padding-bottom: 1pt"><font style="font-size: 7pt"><b>&nbsp;</b></font></td>
<td colspan="2" style="font: bold 7pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><font style="font-size: 7pt"><b>&nbsp;</b></font></td>
<td style="font: bold 7pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center; padding-bottom: 1pt"><font style="font-size: 7pt"><b>&nbsp;</b></font></td>
<td colspan="2" style="font: bold 7pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><font style="font-size: 7pt"><b>&nbsp;</b></font></td>
<td style="font: bold 7pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center; padding-bottom: 1pt"><font style="font-size: 7pt"><b>&nbsp;</b></font></td>
<td colspan="2" style="font: bold 7pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><font style="font-size: 7pt"><b>&nbsp;&nbsp;</b></font></td>
<td style="font: bold 7pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center; padding-bottom: 1pt"><font style="font-size: 7pt"><b>&nbsp;</b></font></td>
<td colspan="2" style="font: 7pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><font style="font-size: 7pt"><b>Total</b></font></td>
<td style="font: 7pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center; padding-bottom: 1pt"><font style="font-size: 7pt"><b>&nbsp;</b></font></td></tr>
<tr style="font-size: 7pt; vertical-align: bottom; background-color: White">
<td style="text-indent: -0.125in; padding-left: 0.25in; white-space: nowrap; text-align: center; font-size: 7pt; padding-bottom: 1pt"><font style="font-size: 7pt"><b>&nbsp;</b></font></td>
<td style="font: bold 7pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center; padding-bottom: 1pt"><font style="font-size: 7pt"><b>&nbsp;</b></font></td>
<td colspan="5" style="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 7pt"><b>Class&nbsp;A</b></font></td>
<td style="font-size: 7pt; white-space: nowrap; padding-bottom: 1pt; text-align: center"><font style="font-size: 7pt"><b>&nbsp;</b></font></td>
<td colspan="5" style="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 7pt"><b>Class&nbsp;B</b></font></td>
<td style="font-size: 7pt; white-space: nowrap; padding-bottom: 1pt; text-align: center"><font style="font-size: 7pt"><b>&nbsp;</b></font></td>
<td colspan="2" style="white-space: nowrap; font-size: 7pt; text-align: center"><font style="font-size: 7pt"><b>Paid in</b></font></td>
<td style="white-space: nowrap; padding-bottom: 1pt; font-size: 7pt; text-align: center"><font style="font-size: 7pt"><b>&nbsp;</b></font></td>
<td colspan="2" style="font-size: 7pt; white-space: nowrap; text-align: center"><font style="font-size: 7pt"><b>Accumulated</b></font></td>
<td style="font-size: 7pt; white-space: nowrap; padding-bottom: 1pt; text-align: center"><font style="font-size: 7pt"><b>&nbsp;</b></font></td>
<td colspan="2" style="white-space: nowrap; font-size: 7pt; text-align: center"><font style="font-size: 7pt"><b>Noncontrolling</b></font></td>
<td style="white-space: nowrap; padding-bottom: 1pt; font-size: 7pt; text-align: center"><font style="font-size: 7pt"><b>&nbsp;</b></font></td>
<td colspan="2" style="font-size: 7pt; white-space: nowrap; text-align: center"><font style="font-size: 7pt"><b>Stockholders&rsquo;</b></font></td>
<td style="font-size: 7pt; white-space: nowrap; padding-bottom: 1pt; text-align: center"><font style="font-size: 7pt"><b>&nbsp;</b></font></td></tr>
<tr style="font-size: 7pt; vertical-align: bottom; background-color: White">
<td style="text-indent: -0.125in; padding-left: 0.25in; white-space: nowrap; text-align: center; font-size: 7pt; padding-bottom: 1pt"><font style="font-size: 7pt"><b>&nbsp;</b></font></td>
<td style="font: bold 7pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center; padding-bottom: 1pt"><font style="font-size: 7pt"><b>&nbsp;</b></font></td>
<td colspan="2" style="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 7pt"><b>Shares</b></font></td>
<td style="font: bold 7pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt; text-align: center"><font style="font-size: 7pt"><b>&nbsp;</b></font></td>
<td colspan="2" style="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 7pt"><b>Par
Value</b></font></td>
<td style="font: bold 7pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt; text-align: center"><font style="font-size: 7pt"><b>&nbsp;</b></font></td>
<td colspan="2" style="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 7pt"><b>Shares</b></font></td>
<td style="font: bold 7pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt; text-align: center"><font style="font-size: 7pt"><b>&nbsp;</b></font></td>
<td colspan="2" style="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 7pt"><b>Par
Value</b></font></td>
<td style="font: bold 7pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt; text-align: center"><font style="font-size: 7pt"><b>&nbsp;</b></font></td>
<td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 7pt; text-align: center"><font style="font-size: 7pt"><b>Capital</b></font></td>
<td style="white-space: nowrap; padding-bottom: 1pt; font-size: 7pt; text-align: center"><font style="font-size: 7pt"><b>&nbsp;</b></font></td>
<td colspan="2" style="border-bottom: Black 1pt solid; font-size: 7pt; white-space: nowrap; text-align: center"><font style="font-size: 7pt"><b>Deficit</b></font></td>
<td style="font-size: 7pt; white-space: nowrap; padding-bottom: 1pt; text-align: center"><font style="font-size: 7pt"><b>&nbsp;</b></font></td>
<td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 7pt; text-align: center"><font style="font-size: 7pt"><b>Interests</b></font></td>
<td style="white-space: nowrap; padding-bottom: 1pt; font-size: 7pt; text-align: center"><font style="font-size: 7pt"><b>&nbsp;</b></font></td>
<td colspan="2" style="border-bottom: Black 1pt solid; font-size: 7pt; white-space: nowrap; text-align: center"><font style="font-size: 7pt"><b>Equity</b></font></td>
<td style="font-size: 7pt; white-space: nowrap; padding-bottom: 1pt; text-align: center"><font style="font-size: 7pt"><b>&nbsp;</b></font></td></tr>
<tr style="font-size: 7pt; vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font: 7pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; width: 27%"><font style="font-size: 7pt">Balances
as of December&nbsp;31, 2023</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; width: 1%"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; width: 1%; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; width: 7%; text-align: right"><font style="font-size: 7pt">13,873</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; width: 1%; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; width: 1%; text-align: left"><font style="font-size: 7pt">$</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; width: 7%; text-align: right"><font style="font-size: 7pt">14</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; width: 1%; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; width: 1%; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; width: 7%; text-align: right"><font style="font-size: 7pt">7,416</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; width: 1%; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; width: 1%; text-align: left"><font style="font-size: 7pt">$</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; width: 7%; text-align: right"><font style="font-size: 7pt">7</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; width: 1%; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; width: 1%; text-align: left"><font style="font-size: 7pt">$</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; width: 7%; text-align: right"><font style="font-size: 7pt">39,432</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; width: 1%; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; width: 1%; text-align: left"><font style="font-size: 7pt">$</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; width: 7%; text-align: right"><font style="font-size: 7pt">(36,830</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; width: 1%; text-align: left"><font style="font-size: 7pt">)</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; width: 1%; text-align: left"><font style="font-size: 7pt">$</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; width: 7%; text-align: right"><font style="font-size: 7pt">63,395</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; width: 1%; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; width: 1%; text-align: left"><font style="font-size: 7pt">$</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; width: 7%; text-align: right"><font style="font-size: 7pt">66,018</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; width: 1%; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td></tr>
<tr style="font-size: 7pt; vertical-align: bottom; background-color: White">
<td style="font: 7pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in; text-align: left"><font style="font-size: 7pt">Issuance
of common stock</font></td>
<td style="font: 7pt Times New Roman, Times, Serif"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">25</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">37</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">37</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td></tr>
<tr style="font-size: 7pt; vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font: 7pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in; text-align: left"><font style="font-size: 7pt">Equity
based compensation</font></td>
<td style="font: 7pt Times New Roman, Times, Serif"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">413</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">400</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">400</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td></tr>
<tr style="font-size: 7pt; vertical-align: bottom; background-color: White">
<td style="font: 7pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in; text-align: left"><font style="font-size: 7pt">Contributions
from noncontrolling interest holders</font></td>
<td style="font: 7pt Times New Roman, Times, Serif"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">6,388</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">6,388</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td></tr>
<tr style="font-size: 7pt; vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font: 7pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in; text-align: left"><font style="font-size: 7pt">Redemptions
of noncontrolling interest holders</font></td>
<td style="font: 7pt Times New Roman, Times, Serif"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">(670</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">)</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">(670</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">)</font></td></tr>
<tr style="font-size: 7pt; vertical-align: bottom; background-color: White">
<td style="font: 7pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in; text-align: left"><font style="font-size: 7pt">Distributions
to noncontrolling interest holders</font></td>
<td style="font: 7pt Times New Roman, Times, Serif"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">(1,604</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">)</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">(1,604</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">)</font></td></tr>
<tr style="font-size: 7pt; vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font: 7pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in"><font style="font-size: 7pt">Deconsolidation
of VIEs</font></td>
<td style="font: 7pt Times New Roman, Times, Serif"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">21,183</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">21,183</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td></tr>
<tr style="font-size: 7pt; vertical-align: bottom; background-color: White">
<td style="font: 7pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in; text-align: left; padding-bottom: 1pt"><font style="font-size: 7pt">Net
loss</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">(3,805</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><font style="font-size: 7pt">)</font></td>
<td style="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">(1,457</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><font style="font-size: 7pt">)</font></td>
<td style="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">(5,262</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><font style="font-size: 7pt">)</font></td></tr>
<tr style="font-size: 7pt; vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font: 7pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 2.5pt"><font style="font-size: 7pt">Balances
as of March&nbsp;31, 2024</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">14,311</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">$</font></td>
<td style="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">14</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">7,416</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">$</font></td>
<td style="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">7</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">$</font></td>
<td style="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">39,869</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">$</font></td>
<td style="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">(40,635</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><font style="font-size: 7pt">)</font></td>
<td style="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">$</font></td>
<td style="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">87,235</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">$</font></td>
<td style="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">86,490</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td></tr>
<tr style="font-size: 7pt; vertical-align: bottom; background-color: White">
<td style="font: 7pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in; text-align: left"><font style="font-size: 7pt">Issuance
of common stock, net of issuance costs</font></td>
<td style="font: 7pt Times New Roman, Times, Serif"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">163</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">146</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">146</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td></tr>
<tr style="font-size: 7pt; vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font: 7pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in; text-align: left"><font style="font-size: 7pt">Equity
based compensation</font></td>
<td style="font: 7pt Times New Roman, Times, Serif"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">155</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">1</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">584</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">585</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td></tr>
<tr style="font-size: 7pt; vertical-align: bottom; background-color: White">
<td style="font: 7pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in; text-align: left"><font style="font-size: 7pt">Contributions
from noncontrolling interest holders</font></td>
<td style="font: 7pt Times New Roman, Times, Serif"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">5,478</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">5,478</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td></tr>
<tr style="font-size: 7pt; vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font: 7pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in; text-align: left"><font style="font-size: 7pt">Distributions
to noncontrolling interest holders</font></td>
<td style="font: 7pt Times New Roman, Times, Serif"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">(2,969</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">)</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">(2,969</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">)</font></td></tr>
<tr style="font-size: 7pt; vertical-align: bottom; background-color: White">
<td style="font: 7pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in"><font style="font-size: 7pt">Deconsolidation
of VIEs</font></td>
<td style="font: 7pt Times New Roman, Times, Serif"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">10,790</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">10,790</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td></tr>
<tr style="font-size: 7pt; vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font: 7pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in; text-align: left; padding-bottom: 1pt"><font style="font-size: 7pt">Net
loss</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">(4,730</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><font style="font-size: 7pt">)</font></td>
<td style="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">(586</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><font style="font-size: 7pt">)</font></td>
<td style="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">(5,316</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><font style="font-size: 7pt">)</font></td></tr>
<tr style="font-size: 7pt; vertical-align: bottom; background-color: White">
<td style="font: 7pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 2.5pt"><font style="font-size: 7pt">Balances
as of June&nbsp;30, 2024</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">14,629</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">$</font></td>
<td style="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">15</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">7,416</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">$</font></td>
<td style="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">7</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">$</font></td>
<td style="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">40,599</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">$</font></td>
<td style="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">(45,365</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><font style="font-size: 7pt">)</font></td>
<td style="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">$</font></td>
<td style="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">99,948</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">$</font></td>
<td style="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">95,204</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td></tr>
<tr style="font-size: 7pt; vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font: 7pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in; text-align: left"><font style="font-size: 7pt">Issuance
of common stock, net of issuance costs</font></td>
<td style="font: 7pt Times New Roman, Times, Serif"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">17</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">12</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">12</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td></tr>
<tr style="font-size: 7pt; vertical-align: bottom; background-color: White">
<td style="font: 7pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in; text-align: left"><font style="font-size: 7pt">Equity
based compensation expense</font></td>
<td style="font: 7pt Times New Roman, Times, Serif"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">322</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">737</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">737</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td></tr>
<tr style="font-size: 7pt; vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font: 7pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in; text-align: left"><font style="font-size: 7pt">Contributions
from noncontrolling interest holders</font></td>
<td style="font: 7pt Times New Roman, Times, Serif"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">3,059</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">3,059</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td></tr>
<tr style="font-size: 7pt; vertical-align: bottom; background-color: White">
<td style="font: 7pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in; text-align: left"><font style="font-size: 7pt">Redemptions
of noncontrolling interest holders</font></td>
<td style="font: 7pt Times New Roman, Times, Serif"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">(1,350</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">)</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">(1,350</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">)</font></td></tr>
<tr style="font-size: 7pt; vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font: 7pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in; text-align: left"><font style="font-size: 7pt">Distributions
to noncontrolling interest holders</font></td>
<td style="font: 7pt Times New Roman, Times, Serif"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">(1,128</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">)</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">(1,128</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">)</font></td></tr>
<tr style="font-size: 7pt; vertical-align: bottom; background-color: White">
<td style="font: 7pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in"><font style="font-size: 7pt">Deconsolidation
of VIEs</font></td>
<td style="font: 7pt Times New Roman, Times, Serif"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">(33,254</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">)</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">(33,254</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">)</font></td></tr>
<tr style="font-size: 7pt; vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font: 7pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in; text-align: left; padding-bottom: 1pt"><font style="font-size: 7pt">Net
(loss) income</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">146</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">(145</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><font style="font-size: 7pt">)</font></td>
<td style="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">1</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td></tr>
<tr style="font-size: 7pt; vertical-align: bottom; background-color: White">
<td style="font: 7pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 2.5pt"><font style="font-size: 7pt">Balances
as of September&nbsp;30, 2024</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">14,968</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">$</font></td>
<td style="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">15</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">7,416</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">$</font></td>
<td style="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">7</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">$</font></td>
<td style="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">41,348</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">$</font></td>
<td style="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">(45,219</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><font style="font-size: 7pt">)</font></td>
<td style="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">$</font></td>
<td style="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">67,130</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">$</font></td>
<td style="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">63,281</font></td>
<td style="font: 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td></tr>
</table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The accompanying notes are an integral part of
these consolidated financial statements.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-size: 10pt"><b>CALIBERCOS INC.
AND SUBSIDIARIES</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-size: 10pt"><b>CONSOLIDATED
STATEMENTS OF CHANGES IN STOCKHOLDERS&rsquo; EQUITY</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-size: 10pt"><b>(AMOUNTS IN THOUSANDS)</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<table cellpadding="0" cellspacing="0" style="font: 7pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font-size: 7pt; vertical-align: bottom">
    <td style="font: bold 7pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; text-align: center"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 7pt">&nbsp;</font></td>
    <td colspan="5" style="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman, Times, Serif; text-align: center"><font style="font-size: 7pt">Preferred
    Stock</font></td><td style="font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 7pt">&nbsp;</font></td>
    <td colspan="11" style="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman, Times, Serif; text-align: center"><font style="font-size: 7pt">Common
    Stock</font></td><td style="font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 7pt">&nbsp;</font></td>
    <td colspan="2" style="font: bold 7pt Times New Roman, Times, Serif; text-align: center"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 7pt">&nbsp;</font></td>
    <td colspan="2" style="font: bold 7pt Times New Roman, Times, Serif; text-align: center"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 7pt">&nbsp;</font></td>
    <td colspan="2" style="font: bold 7pt Times New Roman, Times, Serif; text-align: center"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 7pt">&nbsp;</font></td>
    <td colspan="2" style="font: bold 7pt Times New Roman, Times, Serif; text-align: center"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 7pt">&nbsp;</font></td>
    <td colspan="2" style="font: bold 7pt Times New Roman, Times, Serif; text-align: center"><font style="font-size: 7pt">Total</font></td><td style="font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 7pt">&nbsp;</font></td></tr>
  <tr style="font-size: 7pt; vertical-align: bottom">
    <td style="font: bold 7pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; text-align: center"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: bold 7pt Times New Roman, Times, Serif"><font style="font-size: 7pt">&nbsp;</font></td>
    <td colspan="5" style="font: bold 7pt Times New Roman, Times, Serif; text-align: center"><font style="font-size: 7pt">&#8239;</font></td><td style="font: bold 7pt Times New Roman, Times, Serif"><font style="font-size: 7pt">&nbsp;</font></td>
    <td colspan="5" style="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman, Times, Serif; text-align: center"><font style="font-size: 7pt">Class&nbsp;A</font></td><td style="font: bold 7pt Times New Roman, Times, Serif"><font style="font-size: 7pt">&nbsp;</font></td>
    <td colspan="5" style="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman, Times, Serif; text-align: center"><font style="font-size: 7pt">Class&nbsp;B</font></td><td style="font: bold 7pt Times New Roman, Times, Serif"><font style="font-size: 7pt">&nbsp;</font></td>
    <td colspan="2" style="font: bold 7pt Times New Roman, Times, Serif; text-align: center"><font style="font-size: 7pt">&nbsp;Paid
    in</font></td><td style="font: bold 7pt Times New Roman, Times, Serif"><font style="font-size: 7pt">&nbsp;</font></td>
    <td colspan="2" style="font: bold 7pt Times New Roman, Times, Serif; text-align: center"><font style="font-size: 7pt">&nbsp;Treasury</font></td><td style="font: bold 7pt Times New Roman, Times, Serif"><font style="font-size: 7pt">&nbsp;</font></td>
    <td colspan="2" style="font: bold 7pt Times New Roman, Times, Serif; text-align: center"><font style="font-size: 7pt">Accumulated</font></td><td style="font: bold 7pt Times New Roman, Times, Serif"><font style="font-size: 7pt">&nbsp;</font></td>
    <td colspan="2" style="font: bold 7pt Times New Roman, Times, Serif; text-align: center"><font style="font-size: 7pt">Noncontrolling</font></td><td style="font: bold 7pt Times New Roman, Times, Serif"><font style="font-size: 7pt">&nbsp;</font></td>
    <td colspan="2" style="font: bold 7pt Times New Roman, Times, Serif; text-align: center"><font style="font-size: 7pt">Stockholders&rsquo;</font></td><td style="font: bold 7pt Times New Roman, Times, Serif"><font style="font-size: 7pt">&nbsp;</font></td></tr>
  <tr style="font-size: 7pt; vertical-align: bottom">
    <td style="font: bold 7pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; text-align: center"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 7pt">&nbsp;</font></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman, Times, Serif; text-align: center"><font style="font-size: 7pt">Shares</font></td><td style="font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 7pt">&nbsp;</font></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman, Times, Serif; text-align: center"><font style="font-size: 7pt">Par
    Value</font></td><td style="font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 7pt">&nbsp;</font></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman, Times, Serif; text-align: center"><font style="font-size: 7pt">Shares</font></td><td style="font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 7pt">&nbsp;</font></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman, Times, Serif; text-align: center"><font style="font-size: 7pt">Par
    Value</font></td><td style="font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 7pt">&nbsp;</font></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman, Times, Serif; text-align: center"><font style="font-size: 7pt">Shares</font></td><td style="font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 7pt">&nbsp;</font></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman, Times, Serif; text-align: center"><font style="font-size: 7pt">Par
    Value</font></td><td style="font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 7pt">&nbsp;</font></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman, Times, Serif; text-align: center">Capital</td><td style="font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 7pt">&nbsp;</font></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman, Times, Serif; text-align: center">Stock</td><td style="font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 7pt">&nbsp;</font></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman, Times, Serif; text-align: center"><font style="font-size: 7pt">Deficit</font></td><td style="font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 7pt">&nbsp;</font></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman, Times, Serif; text-align: center"><font style="font-size: 7pt">Interests</font></td><td style="font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 7pt">&nbsp;</font></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman, Times, Serif; text-align: center"><font style="font-size: 7pt">Equity</font></td><td style="font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 7pt">&nbsp;</font></td></tr>
  <tr style="font-size: 7pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 7pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; width: 22%"><font style="font-size: 7pt">Balances
    as of December&nbsp;31, 2022</font></td><td style="font: 7pt Times New Roman, Times, Serif; width: 1%"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; width: 1%; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; width: 5%; text-align: right"><font style="font-size: 7pt">1,651</font></td><td style="font: 7pt Times New Roman, Times, Serif; width: 1%; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; width: 1%; text-align: left"><font style="font-size: 7pt">$</font></td><td style="font: 7pt Times New Roman, Times, Serif; width: 5%; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; width: 1%; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; width: 1%; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; width: 5%; text-align: right"><font style="font-size: 7pt">10,791</font></td><td style="font: 7pt Times New Roman, Times, Serif; width: 1%; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; width: 1%; text-align: left"><font style="font-size: 7pt">$</font></td><td style="font: 7pt Times New Roman, Times, Serif; width: 5%; text-align: right"><font style="font-size: 7pt">11</font></td><td style="font: 7pt Times New Roman, Times, Serif; width: 1%; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; width: 1%; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; width: 5%; text-align: right"><font style="font-size: 7pt">7,416</font></td><td style="font: 7pt Times New Roman, Times, Serif; width: 1%; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; width: 1%; text-align: left"><font style="font-size: 7pt">$</font></td><td style="font: 7pt Times New Roman, Times, Serif; width: 5%; text-align: right"><font style="font-size: 7pt">7</font></td><td style="font: 7pt Times New Roman, Times, Serif; width: 1%; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; width: 1%; text-align: left"><font style="font-size: 7pt">$</font></td><td style="font: 7pt Times New Roman, Times, Serif; width: 5%; text-align: right"><font style="font-size: 7pt">33,108</font></td><td style="font: 7pt Times New Roman, Times, Serif; width: 1%; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; width: 1%; text-align: left"><font style="font-size: 7pt">$</font></td><td style="font: 7pt Times New Roman, Times, Serif; width: 5%; text-align: right"><font style="font-size: 7pt">(13,626</font></td><td style="font: 7pt Times New Roman, Times, Serif; width: 1%; text-align: left"><font style="font-size: 7pt">)</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; width: 1%; text-align: left"><font style="font-size: 7pt">$</font></td><td style="font: 7pt Times New Roman, Times, Serif; width: 5%; text-align: right"><font style="font-size: 7pt">(22,709</font></td><td style="font: 7pt Times New Roman, Times, Serif; width: 1%; text-align: left"><font style="font-size: 7pt">)</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; width: 1%; text-align: left"><font style="font-size: 7pt">$</font></td><td style="font: 7pt Times New Roman, Times, Serif; width: 5%; text-align: right"><font style="font-size: 7pt">80,398</font></td><td style="font: 7pt Times New Roman, Times, Serif; width: 1%; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; width: 1%; text-align: left"><font style="font-size: 7pt">$</font></td><td style="font: 7pt Times New Roman, Times, Serif; width: 5%; text-align: right"><font style="font-size: 7pt">77,189</font></td><td style="font: 7pt Times New Roman, Times, Serif; width: 1%; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td></tr>
  <tr style="font-size: 7pt; vertical-align: bottom; background-color: White">
    <td style="font: 7pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in; text-align: left"><font style="font-size: 7pt">Repurchases
    of common stock</font></td><td style="font: 7pt Times New Roman, Times, Serif"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">(42</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">)</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td></tr>
  <tr style="font-size: 7pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 7pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in; text-align: left"><font style="font-size: 7pt">Equity
    based compensation expense</font></td><td style="font: 7pt Times New Roman, Times, Serif"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">702</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">702</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td></tr>
  <tr style="font-size: 7pt; vertical-align: bottom; background-color: White">
    <td style="font: 7pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in; text-align: left"><font style="font-size: 7pt">Contributions
    from noncontrolling interest holders</font></td><td style="font: 7pt Times New Roman, Times, Serif"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">7,629</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">7,629</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td></tr>
  <tr style="font-size: 7pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 7pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in; text-align: left"><font style="font-size: 7pt">Redemptions
    of noncontrolling interest holders</font></td><td style="font: 7pt Times New Roman, Times, Serif"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">(295</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">)</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">(295</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">)</font></td></tr>
  <tr style="font-size: 7pt; vertical-align: bottom; background-color: White">
    <td style="font: 7pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in; text-align: left"><font style="font-size: 7pt">Distributions
    to noncontrolling interest holders</font></td><td style="font: 7pt Times New Roman, Times, Serif"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">(1,752</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">)</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">(1,752</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">)</font></td></tr>
  <tr style="font-size: 7pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 7pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in"><font style="font-size: 7pt">Consolidation
    of VIEs</font></td><td style="font: 7pt Times New Roman, Times, Serif"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">(20,805</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">)</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">(20,805</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">)</font></td></tr>
  <tr style="font-size: 7pt; vertical-align: bottom; background-color: White">
    <td style="font: 7pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in"><font style="font-size: 7pt">Deconsolidation
    of VIEs</font></td><td style="font: 7pt Times New Roman, Times, Serif"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">9,539</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">9,539</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td></tr>
  <tr style="font-size: 7pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 7pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in; text-align: left"><font style="font-size: 7pt">Retirement
    of treasury stock</font></td><td style="font: 7pt Times New Roman, Times, Serif"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">1,418</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">(1,418</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">)</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td></tr>
  <tr style="font-size: 7pt; vertical-align: bottom; background-color: White">
    <td style="font: 7pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in; text-align: left; padding-bottom: 1pt"><font style="font-size: 7pt">Net
    (loss) income</font></td><td style="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">(1,207</font></td><td style="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><font style="font-size: 7pt">)</font></td>
    <td style="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">1,502</font></td><td style="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">295</font></td><td style="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td></tr>
  <tr style="font-size: 7pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 7pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 2.5pt"><font style="font-size: 7pt">Balances
    as of March&nbsp;31, 2023</font></td><td style="font: 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">1,651</font></td><td style="font: 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">$</font></td><td style="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">10,749</font></td><td style="font: 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">$</font></td><td style="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">11</font></td><td style="font: 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">7,416</font></td><td style="font: 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">$</font></td><td style="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">7</font></td><td style="font: 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">$</font></td><td style="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">33,810</font></td><td style="font: 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">$</font></td><td style="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">(12,208</font></td><td style="font: 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><font style="font-size: 7pt">)</font></td>
    <td style="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">$</font></td><td style="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">(25,334</font></td><td style="font: 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><font style="font-size: 7pt">)</font></td>
    <td style="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">$</font></td><td style="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">76,216</font></td><td style="font: 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">$</font></td><td style="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">72,502</font></td><td style="font: 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td></tr>
  <tr style="font-size: 7pt; vertical-align: bottom; background-color: White">
    <td style="font: 7pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in; text-align: left"><font style="font-size: 7pt">Issuance
    of common stock</font></td><td style="font: 7pt Times New Roman, Times, Serif"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">1,200</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">1</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">3,247</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">3,248</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td></tr>
  <tr style="font-size: 7pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 7pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in; text-align: left"><font style="font-size: 7pt">Conversions
    of common stock</font></td><td style="font: 7pt Times New Roman, Times, Serif"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">(1,651</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">)</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">1,651</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">2</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">2</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td></tr>
  <tr style="font-size: 7pt; vertical-align: bottom; background-color: White">
    <td style="font: 7pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in; text-align: left"><font style="font-size: 7pt">Equity
    based compensation expense</font></td><td style="font: 7pt Times New Roman, Times, Serif"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">221</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">1,922</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">1,922</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td></tr>
  <tr style="font-size: 7pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 7pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in; text-align: left"><font style="font-size: 7pt">Contributions
    from noncontrolling interest holders</font></td><td style="font: 7pt Times New Roman, Times, Serif"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">6,787</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">6,787</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td></tr>
  <tr style="font-size: 7pt; vertical-align: bottom; background-color: White">
    <td style="font: 7pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in; text-align: left"><font style="font-size: 7pt">Redemptions
    of noncontrolling interest holders</font></td><td style="font: 7pt Times New Roman, Times, Serif"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">(995</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">)</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">(995</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">)</font></td></tr>
  <tr style="font-size: 7pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 7pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in; text-align: left"><font style="font-size: 7pt">Distributions
    to noncontrolling interest holders</font></td><td style="font: 7pt Times New Roman, Times, Serif"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">(1,482</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">)</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">(1,482</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">)</font></td></tr>
  <tr style="font-size: 7pt; vertical-align: bottom; background-color: White">
    <td style="font: 7pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in"><font style="font-size: 7pt">Other</font></td><td style="font: 7pt Times New Roman, Times, Serif"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">12,208</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">12,208</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td></tr>
  <tr style="font-size: 7pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 7pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in; text-align: left; padding-bottom: 1pt"><font style="font-size: 7pt">Net
    loss</font></td><td style="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">(5,726</font></td><td style="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><font style="font-size: 7pt">)</font></td>
    <td style="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">(5,854</font></td><td style="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><font style="font-size: 7pt">)</font></td>
    <td style="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">(11,580</font></td><td style="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><font style="font-size: 7pt">)</font></td></tr>
  <tr style="font-size: 7pt; vertical-align: bottom; background-color: White">
    <td style="font: 7pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 2.5pt"><font style="font-size: 7pt">Balances
    as of June&nbsp;30, 2023</font></td><td style="font: 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">$</font></td><td style="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">13,821</font></td><td style="font: 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">$</font></td><td style="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">14</font></td><td style="font: 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">7,416</font></td><td style="font: 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">$</font></td><td style="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">7</font></td><td style="font: 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">$</font></td><td style="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">38,979</font></td><td style="font: 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">$</font></td><td style="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">$</font></td><td style="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">(31,060</font></td><td style="font: 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><font style="font-size: 7pt">)</font></td>
    <td style="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">$</font></td><td style="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">74,672</font></td><td style="font: 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">$</font></td><td style="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">82,612</font></td><td style="font: 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td></tr>
  <tr style="font-size: 7pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 7pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in; text-align: left"><font style="font-size: 7pt">Issuance
    of common stock</font></td><td style="font: 7pt Times New Roman, Times, Serif"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">(649</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">)</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">(649</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">)</font></td></tr>
  <tr style="font-size: 7pt; vertical-align: bottom; background-color: White">
    <td style="font: 7pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in; text-align: left"><font style="font-size: 7pt">Equity
    based compensation expense</font></td><td style="font: 7pt Times New Roman, Times, Serif"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">27</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">393</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">393</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td></tr>
  <tr style="font-size: 7pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 7pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in; text-align: left"><font style="font-size: 7pt">Contributions
    from noncontrolling interest holders</font></td><td style="font: 7pt Times New Roman, Times, Serif"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">6,870</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">6,870</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td></tr>
  <tr style="font-size: 7pt; vertical-align: bottom; background-color: White">
    <td style="font: 7pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in; text-align: left"><font style="font-size: 7pt">Redemptions
    of noncontrolling interest holders</font></td><td style="font: 7pt Times New Roman, Times, Serif"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">(480</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">)</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">(480</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">)</font></td></tr>
  <tr style="font-size: 7pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 7pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in; text-align: left"><font style="font-size: 7pt">Distributions
    to noncontrolling interest holders</font></td><td style="font: 7pt Times New Roman, Times, Serif"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">(1,768</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">)</font></td>
    <td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">(1,768</font></td><td style="font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">)</font></td></tr>
  <tr style="font-size: 7pt; vertical-align: bottom; background-color: White">
    <td style="font: 7pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in; text-align: left; padding-bottom: 1pt"><font style="font-size: 7pt">Net
    loss</font></td><td style="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">(3,409</font></td><td style="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><font style="font-size: 7pt">)</font></td>
    <td style="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">(8,813</font></td><td style="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><font style="font-size: 7pt">)</font></td>
    <td style="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">(12,222</font></td><td style="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><font style="font-size: 7pt">)</font></td></tr>
  <tr style="font-size: 7pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 7pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 2.5pt"><font style="font-size: 7pt">Balances
    as of September&nbsp;30, 2023</font></td><td style="font: 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">$</font></td><td style="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">13,848</font></td><td style="font: 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">$</font></td><td style="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">14</font></td><td style="font: 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">7,416</font></td><td style="font: 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">$</font></td><td style="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">7</font></td><td style="font: 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">$</font></td><td style="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">38,723</font></td><td style="font: 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">$</font></td><td style="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">$</font></td><td style="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">(34,469</font></td><td style="font: 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><font style="font-size: 7pt">)</font></td>
    <td style="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">$</font></td><td style="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">70,481</font></td><td style="font: 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">$</font></td><td style="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">74,756</font></td><td style="font: 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td></tr>
  </table>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-size: 10pt">The accompanying
notes are an integral part of these consolidated financial statements.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-size: 10pt"><b>CALIBERCOS&nbsp;INC.
AND SUBSIDIARIES</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><a name="spF-004"></a><font style="font-size: 10pt"><b>CONSOLIDATED
STATEMENTS OF CASH FLOWS</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-size: 10pt"><b>(AMOUNTS IN THOUSANDS)</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font-size: 10pt; vertical-align: bottom">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font-size: 10pt"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 10pt">&nbsp;</font></td>
    <td colspan="6" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-size: 10pt">Nine
    Months Ended September&nbsp;30,</font></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 10pt">&nbsp;</font></td></tr>
  <tr style="font-size: 10pt; vertical-align: bottom">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font-size: 10pt; text-align: justify"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 10pt">&nbsp;</font></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-size: 10pt">2024</font></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 10pt">&nbsp;</font></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-size: 10pt">2023</font></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 10pt">&nbsp;</font></td></tr>
  <tr style="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><font style="font-size: 10pt">Cash
    Flows From Operating Activities</font></td><td style="font-size: 10pt"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font-size: 10pt; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: right"><font style="font-size: 10pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font-size: 10pt"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font-size: 10pt; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: right"><font style="font-size: 10pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td></tr>
  <tr style="font-size: 10pt; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in; width: 70%; text-align: left"><font style="font-size: 10pt">Net
    income (loss)</font></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><font style="font-size: 10pt">$</font></td><td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right"><font style="font-size: 10pt">(10,577</font></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><font style="font-size: 10pt">)</font></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><font style="font-size: 10pt">$</font></td><td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right"><font style="font-size: 10pt">(23,507</font></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><font style="font-size: 10pt">)</font></td></tr>
  <tr style="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in; text-align: left"><font style="font-size: 10pt">Adjustments
    to reconcile net income (loss) to net cash from operating activities:</font></td><td style="font-size: 10pt"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font-size: 10pt; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: right"><font style="font-size: 10pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font-size: 10pt"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font-size: 10pt; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: right"><font style="font-size: 10pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td></tr>
  <tr style="font-size: 10pt; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in; text-align: left"><font style="font-size: 10pt">Depreciation
    and amortization</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">439</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">392</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td></tr>
  <tr style="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in; text-align: left"><font style="font-size: 10pt">Non-cash
    lease expense and gain on lease extinguishment</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">15</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">(285</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">)</font></td></tr>
  <tr style="font-size: 10pt; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in; text-align: left"><font style="font-size: 10pt">Non-cash
    performance allocations</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">(2,382</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">)</font></td></tr>
  <tr style="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in; text-align: left"><font style="font-size: 10pt">Equity-based
    compensation</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">1,723</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">3,017</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td></tr>
  <tr style="font-size: 10pt; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in; text-align: left"><font style="font-size: 10pt">Loss
    on disposal of furniture, fixtures and equipment</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">5</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td></tr>
  <tr style="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in; text-align: left"><font style="font-size: 10pt">Gain
    on investments in unconsolidated entities</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">(231</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">)</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td></tr>
  <tr style="font-size: 10pt; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in"><font style="font-size: 10pt">Impairment</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">(10</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">)</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td></tr>
  <tr style="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in; text-align: left"><font style="font-size: 10pt">Amortization
    of above-market/below market leases and straight-line rent, net</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">181</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">178</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td></tr>
  <tr style="font-size: 10pt; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in; text-align: left"><font style="font-size: 10pt">Amortization
    of deferred financing costs</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">47</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">25</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td></tr>
  <tr style="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in; text-align: left"><font style="font-size: 10pt">Changes
    in operating assets and liabilities:</font></td><td style="font-size: 10pt"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font-size: 10pt; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: right"><font style="font-size: 10pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font-size: 10pt"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font-size: 10pt; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: right"><font style="font-size: 10pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td></tr>
  <tr style="font-size: 10pt; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.375in; text-align: left"><font style="font-size: 10pt">Due
    from related parties</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">923</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">1,364</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td></tr>
  <tr style="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.375in; text-align: left"><font style="font-size: 10pt">Prepaid
    expenses, right-of-use assets and other assets</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">25</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">3,307</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td></tr>
  <tr style="font-size: 10pt; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.375in; text-align: left"><font style="font-size: 10pt">Accounts
    payable and accrued expenses</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">121</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">464</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td></tr>
  <tr style="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.375in; text-align: left"><font style="font-size: 10pt">Due
    to related parties</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">(47</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">)</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">(84</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">)</font></td></tr>
  <tr style="font-size: 10pt; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.375in; text-align: left"><font style="font-size: 10pt">Lease
    liabilities and other liabilities</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">120</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">248</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td></tr>
  <tr style="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in; text-align: left"><font style="font-size: 10pt">Adjustments
    to reconcile net income (loss) to net cash from operating activities of consolidated funds:</font></td><td style="font-size: 10pt"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font-size: 10pt; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: right"><font style="font-size: 10pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font-size: 10pt"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font-size: 10pt; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: right"><font style="font-size: 10pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td></tr>
  <tr style="font-size: 10pt; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in"><font style="font-size: 10pt">Depreciation</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">4,841</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">7,926</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td></tr>
  <tr style="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in; text-align: left"><font style="font-size: 10pt">Non-cash
    lease expense</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">(9</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">)</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">(80</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">)</font></td></tr>
  <tr style="font-size: 10pt; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in; text-align: left"><font style="font-size: 10pt">Loss
    on extinguishment of debt</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">2</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td></tr>
  <tr style="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in; text-align: left"><font style="font-size: 10pt">Gain
    on derivative instruments</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">(311</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">)</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">(114</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">)</font></td></tr>
  <tr style="font-size: 10pt; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in; text-align: left"><font style="font-size: 10pt">(Gain)
    loss on disposal of furniture, fixtures and equipment</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">(9</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">)</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">687</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td></tr>
  <tr style="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in; text-align: left"><font style="font-size: 10pt">Amortization
    of advanced key money</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">(12</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">)</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">(56</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">)</font></td></tr>
  <tr style="font-size: 10pt; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in; text-align: left"><font style="font-size: 10pt">Amortization
    of above-market/below market leases and straight-line rent, net</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">(164</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">)</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">(333</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">)</font></td></tr>
  <tr style="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in; text-align: left"><font style="font-size: 10pt">Amortization
    of deferred financing costs</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">334</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">1,147</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td></tr>
  <tr style="font-size: 10pt; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in; text-align: left"><font style="font-size: 10pt">Changes
    in operating assets and liabilities of consolidated funds:</font></td><td style="font-size: 10pt"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font-size: 10pt; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: right"><font style="font-size: 10pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font-size: 10pt"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font-size: 10pt; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: right"><font style="font-size: 10pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td></tr>
  <tr style="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.375in; text-align: left"><font style="font-size: 10pt">Accounts
    receivable, net</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">(1,277</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">)</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">533</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td></tr>
  <tr style="font-size: 10pt; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.375in; text-align: left"><font style="font-size: 10pt">Due
    from related parties</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">(197</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">)</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">(12</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">)</font></td></tr>
  <tr style="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.375in; text-align: left"><font style="font-size: 10pt">Prepaid
    expenses, right-of use assets and other assets</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">1,929</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">(4,939</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">)</font></td></tr>
  <tr style="font-size: 10pt; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.375in; text-align: left"><font style="font-size: 10pt">Accounts
    payable and accrued expenses</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">996</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">849</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td></tr>
  <tr style="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.375in; text-align: left"><font style="font-size: 10pt">Due
    to related parties</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">984</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">327</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td></tr>
  <tr style="font-size: 10pt; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.375in; text-align: left; padding-bottom: 1pt"><font style="font-size: 10pt">Lease
    liabilities and other liabilities</font></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">(38</font></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><font style="font-size: 10pt">)</font></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">184</font></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td></tr>
  <tr style="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.5in; text-align: left; padding-bottom: 1pt"><font style="font-size: 10pt">Net
    cash used in the Company's operating activities</font></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">(199</font></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><font style="font-size: 10pt">)</font></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">(11,142</font></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><font style="font-size: 10pt">)</font></td></tr>
  <tr style="font-size: 10pt; vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font-size: 10pt"><font style="font-size: 10pt">&nbsp;</font></td><td style="font-size: 10pt"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font-size: 10pt; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: right"><font style="font-size: 10pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font-size: 10pt"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font-size: 10pt; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: right"><font style="font-size: 10pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td></tr>
  <tr style="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><font style="font-size: 10pt">Cash
    Flows From Investing Activities</font></td><td style="font-size: 10pt"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font-size: 10pt; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: right"><font style="font-size: 10pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font-size: 10pt"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font-size: 10pt; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: right"><font style="font-size: 10pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td></tr>
  <tr style="font-size: 10pt; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in; text-align: left"><font style="font-size: 10pt">Investments
    in real estate assets</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">(686</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">)</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">(224</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">)</font></td></tr>
  <tr style="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in; text-align: left"><font style="font-size: 10pt">Acquisition
    of real estate assets</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">(19,472</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">)</font></td></tr>
  <tr style="font-size: 10pt; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in; text-align: left"><font style="font-size: 10pt">Investments
    in unconsolidated entities</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">(267</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">)</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">(134</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">)</font></td></tr>
  <tr style="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in; text-align: left"><font style="font-size: 10pt">Funding
    of notes receivable - related parties</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">(184</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">)</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">(980</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">)</font></td></tr>
  <tr style="font-size: 10pt; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in; text-align: left"><font style="font-size: 10pt">Payment
    received on notes receivable - related parties</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">7,765</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">930</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td></tr>
  </table>



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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-size: 10pt"><b>CALIBERCOS&nbsp;INC.
AND SUBSIDIARIES</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-size: 10pt"><b>CONSOLIDATED
STATEMENTS OF CASH FLOWS</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-size: 10pt"><b>(AMOUNTS IN THOUSANDS)</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font-size: 10pt; vertical-align: bottom">
    <td style="font-size: 10pt"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 10pt">&nbsp;</font></td>
    <td colspan="6" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-size: 10pt">Nine
    Months Ended September&nbsp;30,</font></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 10pt">&nbsp;</font></td></tr>
  <tr style="font-size: 10pt; vertical-align: bottom">
    <td style="font-size: 10pt"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 10pt">&nbsp;</font></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-size: 10pt">2024</font></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 10pt">&nbsp;</font></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-size: 10pt">2023</font></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 10pt">&nbsp;</font></td></tr>
  <tr style="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">Cash Flows From Investing Activities of consolidated
    funds</font></td><td style="font-size: 10pt"><font style="font-size: 10pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 10pt"><font style="font-size: 10pt">&nbsp;</font></td><td style="font-size: 10pt"><font style="font-size: 10pt">&nbsp;</font></td><td style="font-size: 10pt"><font style="font-size: 10pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 10pt; text-align: right"><font style="font-size: 10pt">&nbsp;</font></td><td style="font-size: 10pt"><font style="font-size: 10pt">&nbsp;</font></td></tr>
  <tr style="font-size: 10pt; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; width: 70%"><font style="font-size: 10pt">Consolidation
    of VIEs</font></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><font style="font-size: 10pt">$</font></td><td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right"><font style="font-size: 10pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><font style="font-size: 10pt">$</font></td><td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right"><font style="font-size: 10pt">12,927</font></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td></tr>
  <tr style="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in"><font style="font-size: 10pt">Deconsolidation of VIEs</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">(17,641</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">)</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">(12,418</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">)</font></td></tr>
  <tr style="font-size: 10pt; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-align: left"><font style="font-size: 10pt">Investments
    in real estate assets</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">(5,015</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">)</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">(12,040</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">)</font></td></tr>
  <tr style="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-align: left"><font style="font-size: 10pt">Acquisition
    of real estate assets</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">(6,643</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">)</font></td></tr>
  <tr style="font-size: 10pt; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-align: left"><font style="font-size: 10pt">Funding
    of notes receivable - related parties</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">(17,529</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">)</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">(11,986</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">)</font></td></tr>
  <tr style="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-align: left; padding-bottom: 1pt"><font style="font-size: 10pt">Payment
    received on notes receivable - related parties</font></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">19,193</font></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">6,085</font></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td></tr>
  <tr style="font-size: 10pt; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left; padding-bottom: 1pt"><font style="font-size: 10pt">Net
    cash used in the Company's investing activities</font></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">(14,364</font></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><font style="font-size: 10pt">)</font></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">(43,955</font></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><font style="font-size: 10pt">)</font></td></tr>
  <tr style="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">Cash Flows From Financing
    Activities</font></td><td style="font-size: 10pt"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font-size: 10pt; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: right"><font style="font-size: 10pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font-size: 10pt"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font-size: 10pt; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: right"><font style="font-size: 10pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td></tr>
  <tr style="font-size: 10pt; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-align: left"><font style="font-size: 10pt">Payment
    of deferred financing costs</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">(31</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">)</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">(253</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">)</font></td></tr>
  <tr style="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-align: left"><font style="font-size: 10pt">Proceeds
    from notes payable</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">1,399</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">43,010</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td></tr>
  <tr style="font-size: 10pt; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-align: left"><font style="font-size: 10pt">Repayments
    of notes payable</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">(5,541</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">)</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">(3,181</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">)</font></td></tr>
  <tr style="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-align: left"><font style="font-size: 10pt">Proceeds
    from notes payable - related parties</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">4,000</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td></tr>
  <tr style="font-size: 10pt; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-align: left"><font style="font-size: 10pt">Repayments
    of notes payable - related parties</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">(4,365</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">)</font></td></tr>
  <tr style="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-align: left"><font style="font-size: 10pt">Proceeds
    from the issuance of common stock, net of issuance costs</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">2,599</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td></tr>
  <tr style="font-size: 10pt; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-align: left"><font style="font-size: 10pt">Payments
    of treasury stock - buyback obligation</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">(183</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">)</font></td></tr>
  <tr style="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">Cash Flows From Financing
    Activities of consolidated funds</font></td><td style="font-size: 10pt"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font-size: 10pt; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: right"><font style="font-size: 10pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font-size: 10pt"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font-size: 10pt; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: right"><font style="font-size: 10pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td></tr>
  <tr style="font-size: 10pt; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-align: left"><font style="font-size: 10pt">Payment
    of deferred financing costs</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">(1,342</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">)</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">(2,522</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">)</font></td></tr>
  <tr style="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-align: left"><font style="font-size: 10pt">Proceeds
    from notes payable</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">16,567</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">61,681</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td></tr>
  <tr style="font-size: 10pt; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-align: left"><font style="font-size: 10pt">Repayments
    of notes payable</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">(17,230</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">)</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">(58,734</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">)</font></td></tr>
  <tr style="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-align: left"><font style="font-size: 10pt">Proceeds
    from notes payable - related parties</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">511</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">5,647</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td></tr>
  <tr style="font-size: 10pt; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-align: left"><font style="font-size: 10pt">Repayments
    of notes payable - related parties</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">(511</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">)</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">(4,633</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">)</font></td></tr>
  <tr style="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-align: left"><font style="font-size: 10pt">Contributions
    from noncontrolling interest holders</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">14,925</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">21,286</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td></tr>
  <tr style="font-size: 10pt; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-align: left"><font style="font-size: 10pt">Redemptions
    of noncontrolling interests</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">(2,020</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">)</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">(1,770</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">)</font></td></tr>
  <tr style="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-align: left; padding-bottom: 1pt"><font style="font-size: 10pt">Distributions
    to noncontrolling interest holders</font></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">(5,701</font></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><font style="font-size: 10pt">)</font></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">(5,002</font></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><font style="font-size: 10pt">)</font></td></tr>
  <tr style="font-size: 10pt; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left; padding-bottom: 1pt"><font style="font-size: 10pt">Net
    cash provided by the Company's financing activities</font></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">1,026</font></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">57,580</font></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td></tr>
  <tr style="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">Net Change in Cash and
    Restricted Cash</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">(13,537</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">)</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">2,483</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td></tr>
  <tr style="font-size: 10pt; vertical-align: bottom; background-color: White">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt"><font style="font-size: 10pt">Cash
    and Restricted Cash at Beginning of Period</font></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">17,640</font></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">15,934</font></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td></tr>
  <tr style="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><font style="font-size: 10pt">Cash
    and Restricted Cash at End of Period</font></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">$</font></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">4,103</font></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">$</font></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">18,417</font></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td></tr>
  <tr style="font-size: 10pt; vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt"><font style="font-size: 10pt">&nbsp;</font></td><td style="font-size: 10pt"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font-size: 10pt; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: right"><font style="font-size: 10pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font-size: 10pt"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font-size: 10pt; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: right"><font style="font-size: 10pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td></tr>
  <tr style="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">Reconciliation of Cash
    and Restricted Cash</font></td><td style="font-size: 10pt"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font-size: 10pt; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: right"><font style="font-size: 10pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font-size: 10pt"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font-size: 10pt; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: right"><font style="font-size: 10pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td></tr>
  <tr style="font-size: 10pt; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in"><font style="font-size: 10pt">Cash at beginning of period</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">$</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">3,805</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">$</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">7,657</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td></tr>
  <tr style="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-align: left; padding-bottom: 1pt"><font style="font-size: 10pt">Restricted
    cash at beginning of period</font></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">13,835</font></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">8,277</font></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td></tr>
  <tr style="font-size: 10pt; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-align: left; padding-bottom: 2.5pt"><font style="font-size: 10pt">Cash
    and restricted cash at beginning of period</font></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">17,640</font></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">15,934</font></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td></tr>
  <tr style="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt"><font style="font-size: 10pt">&nbsp;</font></td><td style="font-size: 10pt"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font-size: 10pt; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: right"><font style="font-size: 10pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font-size: 10pt"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font-size: 10pt; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: right"><font style="font-size: 10pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td></tr>
  <tr style="font-size: 10pt; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in"><font style="font-size: 10pt">Cash at end of period</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">1,569</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">5,531</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td></tr>
  <tr style="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-align: left; padding-bottom: 1pt"><font style="font-size: 10pt">Restricted
    cash at end of period</font></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">2,534</font></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">12,886</font></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td></tr>
  <tr style="font-size: 10pt; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-align: left; padding-bottom: 2.5pt"><font style="font-size: 10pt">Cash
    and restricted cash at end of period</font></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">$</font></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">4,103</font></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">$</font></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">18,417</font></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-size: 10pt">The accompanying
notes are an integral part of these consolidated financial statements.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><a name="spF-005"></a><font style="font-size: 10pt"><b>Note
1 &ndash; Organization and Liquidity</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 10pt"><b><i>Organization</i></b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CaliberCos
Inc., a Delaware corporation, and its wholly-owned subsidiaries (the &ldquo;Company&rdquo;), is an alternative asset manager of private
syndication and direct investment real estate funds and provider of a full suite of traditional real estate services. The Company was
formed in November&nbsp;2014, and originally began as Caliber Companies, LLC, an Arizona limited liability company, which commenced operations
in January&nbsp;2009. The Company provides various support services, under its asset management platform segment (&ldquo;Platform&rdquo;)
to the investments it manages, including asset management services, fund set-up services, lending support, construction and development
management, and real estate brokerage. As of September&nbsp;30, 2024, we had operations in </font><font style="font-size: 10pt">Alaska,
Arizona, Colorado, Kansas, Texas, and Virginia.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font-size: 10pt">In
general, our private equity real estate funds are organized as operating partnerships, in which multiple unrelated passive investors
own partnership interests. In addition, we are designated as the manager and/or general partner of the partnership. Depending on the
legal structure and arrangements between us and the funds, we may or may not consolidate the partnerships for financial reporting purposes.
For funds in which we are determined to be the controlling party or primary beneficiary for financial reporting purposes, the fund is
consolidated, and the passive investors&rsquo; ownership is presented as noncontrolling interest in the accompanying consolidated financial
statements (&ldquo;Consolidated Funds&rdquo;, and collectively with the Company, the &ldquo;Consolidated Company&rdquo;, &ldquo;Caliber&rdquo;,
 &ldquo;we&rdquo;, &ldquo;our&rdquo;, and &ldquo;us&rdquo;). For funds in which we are not determined to be the controlling party for
financial reporting purposes, the fund is not consolidated, and any fees earned from the fund are included in fund management revenue
in the accompanying consolidated financial statements. See <b>Note 2 &ndash; Summary of Significant Accounting Policies</b> for more
detail.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 10pt"><b><i>Liquidity
and Going Concern</i></b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font-size: 10pt">The
accompanying consolidated financial statements are prepared in accordance with generally accepted accounting principles applicable to
a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">At September&nbsp;30, 2024,
the Company had a portfolio of corporate notes, whose composition and characteristics are similar to those reported in prior periods.
At September&nbsp;30, 2024, the portfolio consists of 211 unsecured notes with an aggregate principal balance of $33.0 million, of which
$32.4&nbsp;million mature within the 12-month period subsequent to December 5, 2024. Each note generally has a 12-month term with an
option to extend for an additional 12-months.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font-size: 10pt">Because
the Company incurred operating losses and negative cash flow from operations for the nine months ended September&nbsp;30, 2024, and could
experience additional future operating losses and negative cash flow in the near term, combined with the fact that the Company does not
have sufficient cash on hand to satisfy the total of the notes that mature within the next 12 months, these conditions and events raise
substantial doubt about the Company&rsquo;s ability to continue as a going concern. In response to these conditions, management considered
the impact of these near-term maturities on the Company.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font-size: 10pt">Since
the note program began, these notes have demonstrated a high rate of extension of their terms. Subsequent to the issuance of its 2023
Form&nbsp;10-K, the Company has continued its discussions with various lenders in pursuit of extending or refinancing its unsecured loans.
Through September&nbsp;30, 2024, the rate of extension of the current notes is consistent with or greater than reported in prior periods.
Management plans to continue seeking and granting extensions on an ongoing basis consistent with prior periods.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font-size: 10pt">Additionally,
management evaluated the impact a default of one or many of these notes might have on the Company. As these notes are unsecured, the
terms in the agreements do not afford the note holder avenues of recourse in a default that could or would impact the Company adversely
in the normal course of business, as the terms lack provisions for rights or claims against the Company&rsquo;s assets, nor is there
a scenario where a default could force liquidation of the Company. Management believes that even in the event of default of one or many
of these notes, the Company would be able to negotiate a waiver of the default either through an extension of the maturity or principal
repayment schedule.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, management has implemented various plans to address operating losses and near-term maturities or demands for repayment of its
notes. Consistent with reported actions taken in prior fiscal periods, management plans to continue to i) negotiate extensions of such
loans or refinance such debt, ii) obtain new financing, iii) reduce operating costs, iv) collect all or part of its $13.3&nbsp;million
in receivables, v) collect all or part of its </font><font style="font-size: 10pt">$19.7&nbsp;million in investments from its managed
funds, vi) increase capital raise through continued expansion of fundraising channels, vii) sell or accept investment into its corporate
headquarters, viii) place debt on unencumbered assets, and/or ix) generate planned cash from operations.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the execution of our aforementioned plans, during the </font><font style="font-size: 10pt">nine months ended September&nbsp;30, 2024,
we collected $8.2&nbsp;million of notes receivable and $2.7&nbsp;million of accounts receivable. The Company also executed a reduction
in force of approximately 10% of its employees in May&nbsp;2024, with an expected annual compensation and benefits expense savings of
$4.0&nbsp;million. The Company has also executed on cost reduction plans with estimated annual savings of $2.5&nbsp;million.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font-size: 10pt">After
consideration of the implemented and planned actions, in particular continuing to renew maturing unsecured corporate notes, there are
no assurances that management&rsquo;s actions will alleviate substantial doubt about the company&rsquo;s ability to continue as a going
concern beyond one year from the date that the consolidated financial statements are issued.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 10pt"><b>Note 2 &ndash;
Summary of Significant Accounting Policies</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 10pt"><b>Accounting Policies
of the Company</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 10pt"><b><i>Basis of
Presentation and Consolidation</i></b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font-size: 10pt">The
accompanying consolidated financial statements are prepared on the accrual basis of accounting in accordance with generally accepted
accounting principles in the United States of America (&ldquo;U.S. GAAP&rdquo;). The accompanying consolidated financial statements include
our accounts, our consolidated subsidiaries, and legal entities in which the Company is deemed to have a direct or indirect controlling
financial interest based on either a variable interest model or voting interest model. The equity and net income or loss attributable
to noncontrolling interests in subsidiaries is shown separately in the accompanying consolidated balance sheets, statements of operations,
and statements of changes in stockholders&rsquo; equity. All intercompany balances and transactions have been eliminated in consolidation.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 10pt"><u>Variable Interest
Entities</u></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font-size: 10pt">We
determine if an entity is a variable interest entity (&ldquo;VIE&rdquo;) based on several factors, including whether the equity holders,
as a group, lack the characteristics of a controlling financial interest. We analyze any investments in VIEs to determine if we are the
primary beneficiary. A reporting entity is determined to be the primary beneficiary if it holds a controlling financial interest in a
VIE.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font-size: 10pt">Determining
which reporting entity, if any, has a controlling financial interest in a VIE is primarily a qualitative analysis focused on identifying
which reporting entity has both (i)&nbsp;the power to direct the activities of the entity that most significantly impact the entity&rsquo;s
economic performance and (ii)&nbsp;the obligation to absorb losses or the right to receive benefits from such entity that could potentially
be significant to such entity. Performance of that analysis requires the exercise of judgment. We consolidate any VIEs for which we are
the primary beneficiary, and we disclose our maximum exposure to loss related to the consolidated VIEs. See Note 3 &ndash; VIEs for more
detail.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 10pt"><u>Voting Interest
Entities</u></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font-size: 10pt">Entities
that do not qualify as VIEs are generally assessed for consolidation as voting interest entities (&ldquo;VOEs&rdquo;). For VOEs, we consolidate
an entity if we have a controlling financial interest. We have a controlling financial interest in a VOE if (i)&nbsp;for legal entities
other than partnerships, we own a majority voting interest in the entity or, for limited partnerships and similar entities, we own a
majority of the entity&rsquo;s kick-out rights through voting limited partnership interests and (ii)&nbsp;non-controlling shareholders
or partners do not hold substantive participating rights, and no other conditions exist that would indicate that we do not control the
entity.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt"><b><i>Interim Unaudited Financial Data</i></b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
consolidated financial statements reflect all adjustments, which are, in our opinion, of a normal recurring nature and necessary for
a fair presentation of our financial position, results of operations and cash flows for the interim periods. Interim results of operations
are not necessarily indicative of the results to be expected for the full year. These consolidated financial statements, including notes,
are unaudited, exclude some of the disclosures required for annual consolidated financial statements, and should be read in conjunction
with our audited consolidated financial statements for the year ended </font><font style="font-size: 10pt">December&nbsp;31, 2023.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 10pt"><b><i>Reclassification</i></b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font-size: 10pt">The
asset management fees and transaction and advisory fees, previously presented in their own line items for prior periods presented, have
been combined into one line item, asset management revenues in the accompanying consolidated statements of operations, to be consistent
with the current year presentation. The reclassification does not affect prior period&rsquo;s total revenues or net income (loss).</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 10pt"><b><i>Use of Accounting
Estimates</i></b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font-size: 10pt">The
preparation of our consolidated financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that
affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities.
These estimates are made and evaluated on an ongoing basis using information that is currently available as well as various other assumptions
believed to be reasonable under the circumstances. Actual results could differ significantly from those estimates.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 10pt"><b><i>Cash</i></b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font-size: 10pt">Cash
includes cash in bank accounts. The Company deposits cash with several high-quality financial institutions. These deposits are guaranteed
by the Federal Deposit Insurance Company (&ldquo;FDIC&rdquo;) up to an insurance limit of $250,000. At times, the Company&rsquo;s cash
balances may exceed FDIC limits. Although the Company bears risk on amounts in excess of those insured by the FDIC, it has not experienced
and does not anticipate any losses due to the high quality of the institutions where the deposits are held.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 10pt"><b><i>Restricted
Cash</i></b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font-size: 10pt">Restricted
cash consists of cash held in escrow accounts by contractual agreement with lenders as part of financial loan covenant requirements.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 10pt"><b><i>Investments
in Unconsolidated Entities</i></b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font-size: 10pt">If
an entity is not a VIE, our determination of the appropriate accounting method with respect to our investments in limited liability companies
and other investments is based on voting control. For our managing member interests in limited liability companies, we are presumed to
control (and therefore consolidate) the entity, unless the other limited partners have substantive rights that overcome this presumption
of control. These substantive rights allow the limited partners to remove the general partner with or without cause or to participate
in significant decisions made in the ordinary course of the entity&rsquo;s business. We account for our non-controlling investments in
these entities under the equity method. Our investments in unconsolidated subsidiaries in which we have the ability to exercise significant
influence over operating and financial policies, but do not control, or entities which are VIE in which we are not the primary beneficiary
are accounted for under the equity method. The equity method of accounting requires the investment to be initially recorded at cost and
subsequently adjusted for the Company&rsquo;s share of equity in the equity method investment&rsquo;s earnings and distributions. Our
share of the earnings or loss from equity method investments is included in other income (expenses), net on the accompanying consolidated
statements of operations.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font-size: 10pt">Our
determination of the appropriate accounting treatment for an investment in a subsidiary requires judgment of several factors including
the size and nature of our ownership interest and the other owners&rsquo; substantive rights to make decisions for the entity. If we
were to make different judgments or conclusions as to the level of our control or influence, it could result in a different accounting
treatment. Consolidating an investment generally would have no impact on our net income or stockholders&rsquo; deficit attributable to
CaliberCos Inc. in any accounting period, but a different treatment would impact individual income statement and balance sheet line items,
as consolidation would effectively &ldquo;gross up&rdquo; our statement of operations and balance sheet.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font-size: 10pt">As
of September&nbsp;30, 2024 and December&nbsp;31, 2023, the carrying amount of our investments in unconsolidated entities was $12.7 million
and $3.3 million, respectively. During the nine months ended September&nbsp;30, 2024, the Company deconsolidated the Caliber Hospitality
Trust,&nbsp;Inc. (the &ldquo;Caliber Hospitality Trust&rdquo;) and Caliber Hospitality, LP, which included activity from six hospitality
funds, Elliot&nbsp;&amp; 51st St LLC (&ldquo;Elliot&rdquo;) and DT Mesa Holdco II, LLC (&ldquo;DT Mesa&rdquo;). At which time, the Company&rsquo;s
investment in the Caliber Hospitality Trust, Caliber Hospitality, LP, Elliot, and DT Mesa, were no longer eliminated and are included
in investments in unconsolidated entities in the accompanying consolidated balance sheet as of September&nbsp;30, 2024. See Note 3 &ndash;
VIEs.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font-size: 10pt">In
certain situations, the Company has invested only a nominal amount of cash, or no cash at all, into a venture. As the manager of the
venture, we are entitled to 15.0% &ndash; 35.0% of the residual cash flow produced by the venture after the payment of any priority returns.
Under the equity method, impairment losses are recognized upon evidence of other-than-temporary losses of value. For the three and nine
months ended September&nbsp;30, 2024 and 2023, the Company had no impairment losses related to its investments in unconsolidated entities.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 10pt"><b><i>Depreciation
and Amortization Expense</i></b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depreciation
expense includes costs and costs associated with building and building improvements, which are depreciated over the estimated useful
life of the respective asset, generally </font><font style="font-size: 10pt">15 to 40 years. Depreciation expense also includes costs
associated with the purchase of furniture and equipment and office leasehold improvements which are recorded at cost. Furniture and equipment
costs are depreciated using the straight-line method over the estimated useful life of the asset, generally three to seven years beginning
in the first full month the asset is placed in service. Intangible lease assets are amortized using the straight-line method over the
shorter of the respective estimated useful life or the lease term.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the </font><font style="font-size: 10pt">three and nine months ended September&nbsp;30, 2024, depreciation expense for the Company was
$0.1 million and $0.4 million, respectively. For the three and nine months ended September&nbsp;30, 2023, depreciation expense for the
Company was $0.1 million and $0.4 million, respectively.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 10pt"><b><i>Impairment
of Long-Lived Assets</i></b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font-size: 10pt">Real
estate and other long-lived assets to be held and used are stated at cost, less accumulated depreciation and amortization, unless the
carrying amount of the asset is determined not to be recoverable. If events or circumstances indicate that the carrying amount of a long-lived
asset may not be recoverable, we make an assessment of its recoverability by comparing the carrying amount to our estimate of the undiscounted
net future cash flows resulting from the use of the asset, excluding interest charges. If the carrying amount exceeds the aggregate undiscounted
future cash flows, we recognize an impairment loss to the extent the carrying amount exceeds the estimated fair value of the asset.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the </font><font style="font-size: 10pt">nine months ended September&nbsp;30, 2024 and 2023, the Company had no impairment losses related
to its real estate and other long-lived assets.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 10pt"><b><i>Concentration
of Credit Risk</i></b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Substantially
all of the Company&rsquo;s revenues are generated from activities completed through its Platform, including the management, ownership
and/or operations of real estate assets located in </font><font style="font-size: 10pt">Alaska, Arizona, Colorado, Kansas, Texas, and
Virginia. The Company mitigates the associated risk by:</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font-size: 10pt; vertical-align: top">
<td style="font-size: 10pt; width: 0.25in"></td><td style="font-size: 10pt; width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="font-size: 10pt; text-align: justify"><font style="font-size: 10pt">diversifying
                                            our investments in real estate assets across multiple asset types, including hospitality,
                                            commercial, single-family, multi-family, and self-storage properties;</font></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font-size: 10pt; vertical-align: top">
<td style="font-size: 10pt; width: 0.25in"></td><td style="font-size: 10pt; width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="font-size: 10pt; text-align: justify"><font style="font-size: 10pt">diversifying
                                            our investments in real estate assets across multiple geographic locations including different
                                            markets and sub-markets in which our real estate assets are located;</font></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font-size: 10pt; vertical-align: top">
<td style="font-size: 10pt; width: 0.25in"></td><td style="font-size: 10pt; width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="font-size: 10pt; text-align: justify"><font style="font-size: 10pt">diversifying
                                            our investments in real estate assets across assets at differing points of stabilization,
                                            and in varying states of cash flow optimization; and</font></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font-size: 10pt; vertical-align: top">
<td style="font-size: 10pt; width: 0.25in"></td><td style="font-size: 10pt; width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="font-size: 10pt; text-align: justify"><font style="font-size: 10pt">maintaining
                                            financing relationships with a diversified mix of lenders (differing size and type), including
                                            large national banks, local community banks, private equity lenders, and insurance companies.</font></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 10pt"><b><i>Noncontrolling
Interests in Consolidated Real Estate Partnerships</i></b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font-size: 10pt">We
report the unaffiliated partners&rsquo; interests in the net assets of our consolidated real estate partnerships as noncontrolling interests
within the accompanying consolidated statements of changes in stockholders&rsquo; equity. Noncontrolling interests consist of equity
interests held by limited partners in consolidated real estate partnerships. We attribute to noncontrolling interests their share of
income or loss of the consolidated partnerships based on their proportionate interest in the results of operations of the partnerships,
including their share of losses even if such attribution results in a deficit noncontrolling interest balance within our equity and partners&rsquo;
capital accounts.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font-size: 10pt">The
terms of the partnership agreements generally require the partnerships to be liquidated following the sale of the underlying real estate
assets. As the general partner in these partnerships, we ordinarily control the execution of real estate sales and other events that
could lead to the liquidation, redemption or other settlement of noncontrolling interests. The terms of certain partnership agreements
outline differing classes of equity ownership, some of which are redeemable by the partnership at the partnership manager&rsquo;s discretion.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 10pt"><b><i>Revenue Recognition</i></b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font-size: 10pt">In
accordance with the Accounting Standards Codification (&ldquo;ASC&rdquo;) 606,&nbsp;<i>Revenue from Contracts with Customers </i>(&ldquo;ASC
606&rdquo;), management applies the five-step framework in determining the timing and amount of revenue to recognize. This framework
requires an entity to: (i)&nbsp;identify the contract(s)&nbsp;with customers, (ii)&nbsp;identify the performance obligations within the
contract, (iii)&nbsp;determine the transaction price, (iv)&nbsp;allocate the transaction price to the performance obligations within
the contract, and (v)&nbsp;recognize revenue when or as the entity satisfies a performance obligation.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font-size: 10pt">Revenues
from contracts with customers includes fixed fee arrangements with related party affiliates to provide certain associated activities
which are ancillary to and generally add value to the assets we manage, such as set-up and fund formation services associated with marketing,
soliciting, and selling member interests in the affiliated limited partnerships, brokerage services, construction and development management
services, loan placement and guarantees. The recognition and measurement of revenue is based on the assessment of individual contract
terms. For performance obligations satisfied at a point in time, there are no significant judgments made in evaluating when the customer
obtains control of the promised service.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font-size: 10pt">For
performance obligations satisfied over time, significant judgment is required to determine how to allocate transaction prices where multiple
performance obligations are identified; when to recognize revenue based on appropriate measurement of the Company&rsquo;s progress under
the contract; and whether constraints on variable consideration should be applied due to uncertain future events. Transaction price is
allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. Variable
consideration is included in the estimated transaction price to the extent it is probable that a significant reversal of cumulative revenue
recognized will not occur or when the uncertainty associated with the variable consideration is resolved. The Company&rsquo;s estimates
of variable consideration and determination of whether to include estimated amounts in transaction price are based largely on an assessment
of its anticipated performance and all information that is reasonably available to the Company. Revenues are recognized when control
of the promised services is transferred to customers in an amount that reflects the consideration the Company expects to be entitled
to in exchange for those services.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font-size: 10pt">The
following describes the Company&rsquo;s revenue recognition policy related to the fees the Company earns from providing services under
its Platform:</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font-size: 10pt">Fund
set-up fees are a one-time fee for the initial formation, administration, and set-up of the private equity real estate fund. These fees
are recognized at the point in time when the performance under the contract is complete and are included in asset management revenues
in the accompanying consolidated statements of operations. Fund set-up fees replaced fund formation fees that are earned at a point in
time at a fixed rate based on the amount of capital raised into certain managed funds.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fund
management fees are generally based on 1.0% to 1.5% of the unreturned capital contributions in a particular fund and include reimbursement
for costs incurred on behalf of the fund, including an allocation of certain overhead costs. These customer contracts require the Company
to provide management services, representing a performance obligation that the Company satisfies over time. With respect to the Caliber
Hospitality Trust, the Company earns a fund management fee of </font><font style="font-size: 10pt">0.7% of the Caliber Hospitality Trust&rsquo;s
enterprise value and is reimbursed for certain costs incurred on behalf of the Caliber Hospitality Trust. These revenues are included
in asset management revenues in the accompanying consolidated statements of operations.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font-size: 10pt">Financing
fees are earned for services the Company performs in securing third-party financing on behalf of our private equity real estate funds.
These fees are recognized at the point in time when the performance under the contract is complete, which is essentially upon closing
of a loan. In addition, the Company earns fees for guaranteeing certain loans, representing a performance obligation that the Company
satisfies over time. These revenues are included in asset management revenues in the accompanying consolidated statements of operations.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Development
and construction revenues from contracts with customers include fixed fee arrangements with related party affiliates to provide real
estate development services as their principal developer, which include managing and supervising third-party developers and general contractors
with respect to the development of the properties owned by the funds. Revenues are generally based on </font><font style="font-size: 10pt">4.0%
of the total expected costs of the development or 4.0% of the total expected costs of the construction project. Prior to the commencement
of construction, development fee revenue is recognized at a point in time when the related performance obligations are satisfied and
the customer obtains control of the promised service, including negotiation, due diligence, entitlements, planning, and design activities.
During the construction period, development fee revenue is recognized ratably over time as the performance obligation(s)&nbsp;is satisfied.
These revenues are included in asset management revenues in the accompanying consolidated statements of operations.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font-size: 10pt">Brokerage
fees are earned at a point in time at fixed rates for services performed related to acquisitions, dispositions, leasing, and financing
transaction, and are included in asset management revenues in the accompanying consolidated statements of operations.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font-size: 10pt">Performance
allocations are an arrangement in which we are entitled to an allocation of investment returns, generated within the investment funds
which we manage, based on a contractual formula. We typically receive 15.0% to 35.0% of all cash distributions from (i)&nbsp;the operating
cash flow of each fund, after payment to the related fund investors of any accumulated and unpaid priority preferred returns and repayment
of preferred capital contributions; and (ii)&nbsp;the cash flow resulting from the sale or refinance of any real estate assets held by
each fund, after payment to the related fund investors of any accumulated and unpaid priority preferred returns and repayment of initial
preferred capital contributions. Our funds&rsquo; preferred returns range from 6.0% to 12.0%, typically 6.0% for common equity or 10.0%
to 12.0% for preferred equity, which does not participate in profits. Performance allocations are related to services which have been
provided and are recognized when it is determined that they are no longer probable of significant reversal, which is generally satisfied
when an underlying fund investment is realized or sold. These revenues are included in performance allocations in the accompanying consolidated
statements of operations.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 10pt"><b><i>Leases</i></b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 10pt"><u>Lessor</u></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
the inception of a new lease arrangement, including new leases that arise from amendments, the Company assesses the terms and conditions
to determine the proper lease classification. When the terms of a lease effectively transfer control of the underlying asset, the lease
is classified as a sales-type lease. When a lease does not effectively transfer control of the underlying asset to the lessee, but the
Company obtains a guarantee for the value of the asset from a third party, the Company classifies the lease as a direct financing lease.
All other leases are classified as operating leases. The Company did not have any sales-type or direct financing leases as of September&nbsp;30,
2024 and </font><font style="font-size: 10pt">December&nbsp;31, 2023. For operating leases with minimum scheduled rent increases, the
consolidated funds recognize rental revenue on a straight-line basis, including the effect of any free rent periods, over the lease term
when collectability of lease payments is probable. Variable lease payments are recognized as rental revenue in the period when the changes
in facts and circumstances on which the variable lease payments are based occur.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font-size: 10pt">The
Company identified two separate lease components as follows: i) land lease component, and ii) single property lease component comprised
of building, land improvements and tenant improvements. The Company&rsquo;s leases also contain provisions for tenants to reimburse the
consolidated funds for maintenance and other property operating expenses, which are considered to be non-lease components. The Company
elected the practical expedient to combine lease and non-lease components and the non-lease components will be included with the single
property lease component as the predominant component.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 10pt"><u>Lessee</u></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font-size: 10pt">To
account for leases for which the Company is the lessee, contracts must be analyzed upon inception to determine if the arrangement is,
or contains, a lease. A lease conveys the right to control the use of an identified asset for a period of time in exchange for consideration.
Lease classification tests and measurement procedures are performed at the lease commencement date.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font-size: 10pt">The
lease liability is initially measured as the present value of the lease payments over the lease term, discounted using the interest rate
implicit in the lease, if that rate is readily determinable; otherwise, the lessee&rsquo;s incremental borrowing rate is used. The incremental
borrowing rate is determined based on the estimated rate of interest that the lessee would pay to borrow on a collateralized basis over
a similar term at an amount equal to the lease payments in a similar economic environment. The lease term is the noncancelable period
of the lease and includes any renewal and termination options the Company is reasonably certain to exercise. The lease liability balance
is amortized using the effective interest method. The lease liability is remeasured when the contract is modified, upon the resolution
of a contingency such that variable payments become fixed or if the assessment of exercising an extension, termination or purchase option
changes.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font-size: 10pt">The
right-of-use (&ldquo;ROU&rdquo;) asset balance is initially measured as the lease liability amount, adjusted for any lease payments made
prior to the commencement date, initial direct costs, estimated costs to dismantle, remove, or restore the underlying asset and incentives
received.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font-size: 10pt">The
Company&rsquo;s impairment assessment for ROU assets is consistent with the impairment analysis for the Company's other long-lived assets
and is reviewed quarterly.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 10pt"><b><i>Segments</i></b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Historically,
the Company&rsquo;s operations were organized into three reportable segments, fund management, development, and brokerage. During the
year</font> <font style="font-size: 10pt">ended December&nbsp;31, 2023, the Company reevaluated its reportable segments, considering (i)&nbsp;the
evolution of the Company after closing its initial public offering and how the Company&rsquo;s chief operating decision maker (&ldquo;CODM&rdquo;),
the Company&rsquo;s Chief Executive Officer, assesses performance and allocates resources, (ii)&nbsp;changes to the budgeting process
and in key personnel driven by the Company&rsquo;s growth initiatives, and (iii)&nbsp;how management reports ongoing company performance
to the Board of Directors. With the evolution and growth of the Company, the Company&rsquo;s CODM assesses performance and resource allocation
on an aggregate basis under the Company&rsquo;s asset management platform, and no longer reviews operating results for development or
brokerage activity separately. As such, management concluded that the Company operates through one operating segment, the Platform segment.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font-size: 10pt">The
Company&rsquo;s CODM assesses revenue, operating expenses and key operating statistics to evaluate performance and allocate resources
on a basis that eliminates the impact of the consolidated investment funds (intercompany eliminations required by U.S. GAAP) and noncontrolling
interests. Management concluded that the consolidated investment funds do not meet the requirements in ASC 280, Segment Reporting, of
operating segments, as the Company&rsquo;s CODM does not review the operating results of these investment funds for the purposes of allocating
resources, assessing performance or determining whether additional investments or advances will be made to these funds. The investment
funds are consolidated based on the requirement in ASC 810, Consolidation, as the Company was determined to be the primary beneficiary
of each of these variable interest entities since it has the power to direct the activities of the entities and the right to absorb losses,
generally in the form of guarantees of indebtedness that are significant to the individual investment funds.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 10pt"><b>Accounting Policies
of Consolidated Funds</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 10pt"><b><i>Accounting
for Real Estate Investments</i></b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font-size: 10pt">Upon
the acquisition of real estate properties, a determination is made as to whether the acquisition meets the criteria to be accounted for
as an asset acquisition or a business combination. The determination is primarily based on whether the assets acquired, and liabilities
assumed meet the definition of a business. The determination of whether the assets acquired, and liabilities assumed meet the definition
of a business includes a single or similar asset threshold. In applying the single or similar asset threshold, if substantially all the
fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets, the assets
acquired, and liabilities assumed are not considered a business. Most of our consolidated fund acquisitions meet the single or similar
asset threshold, due to the fact that substantially all the fair value of the gross assets acquired is attributable to the real estate
assets acquired.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font-size: 10pt">Acquired
real estate properties accounted for as asset acquisitions are recorded at cost, including acquisition and closing costs. Our consolidated
funds allocate the cost of real estate properties to the tangible and intangible assets and liabilities acquired based on their estimated
relative fair values. Our consolidated funds determine the fair value of tangible assets, such as land, building, furniture, fixtures
and equipment, using a combination of internal valuation techniques that consider comparable market transactions, replacement costs and
other available information and fair value estimates provided by third-party valuation specialists, depending upon the circumstances
of the acquisition. Our consolidated funds determine the fair value of identified intangible assets or liabilities, which typically relate
to in-place leases, using a combination of internal valuation techniques that consider the terms of the in-place leases, current market
data for comparable leases, and fair value estimates provided by third-party valuation specialists, depending upon the circumstances
of the acquisition.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font-size: 10pt">If
a transaction is determined to be a business combination, the assets acquired, liabilities assumed, and any identified intangibles are
recorded at their estimated fair values on the transaction date, and transaction costs are expensed in the period incurred.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 10pt"><b><i>Cost Capitalization
and Depreciation</i></b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font-size: 10pt">Our
consolidated funds capitalize costs, including certain indirect costs, incurred in connection with their development and construction
activities. Included in these capitalized costs are payroll costs associated with time spent by site employees in connection with capital
addition activities at the asset level. Interest, property taxes and insurance are also capitalized during periods in which redevelopment,
development and construction projects are in progress. Capitalization of costs, including certain indirect costs, incurred in connection
with our capital addition activities, commence at the point in time when activities necessary to get the assets ready for their intended
use are in progress. This includes when assets are undergoing physical construction, as well as when apartment homes are held vacant
in advance of planned construction, provided that other activities such as permitting, planning and design are in progress. Our consolidated
funds cease the capitalization of costs when the assets are substantially complete and ready for their intended use, which is typically
when construction has been completed and apartment homes or other properties are available for occupancy. Cost of ordinary repairs, maintenance
and resident turnover are charged to operating expense, as incurred.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depreciation
for all tangible real estate assets is calculated using the straight-line method over the estimated useful lives of the assets. The estimated
useful lives of our building and building improvements are generally </font><font style="font-size: 10pt">15 to 40 years. The estimated
useful lives of our furniture, fixtures and equipment are generally three to seven years beginning in the first full month the asset
is placed in service.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the </font><font style="font-size: 10pt">three and nine months ended September&nbsp;30, 2024, depreciation expense was $1.2&nbsp;million
and $4.5&nbsp;million, respectively. For the three and nine months ended September&nbsp;30, 2023, depreciation expense was $2.8&nbsp;million
and $7.9&nbsp;million, respectively.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 10pt"><b><i>Impairment
of Long-Lived Assets</i></b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font-size: 10pt">Real
estate and other long-lived assets to be held and used are stated at cost, less accumulated depreciation and amortization, unless the
carrying amount of the asset is determined to not be recoverable. If events or circumstances indicate that the carrying amount of a long-lived
asset may not be recoverable, we make an assessment of its recoverability by comparing the carrying amount to our estimate of the undiscounted
net future cash flows resulting from the use of the asset, excluding interest charges. If the carrying amount exceeds the aggregate undiscounted
future cash flows, our consolidated funds recognize an impairment loss to the extent the carrying amount exceeds the estimated fair value
of the asset.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the </font><font style="font-size: 10pt">nine months ended September&nbsp;30, 2024 and 2023, our consolidated funds did not record an
impairment loss related to its real estate and other long-lived assets.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 10pt"><b><i>Cash</i></b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font-size: 10pt">Cash
includes cash in bank accounts. The consolidated funds deposit cash with several high-quality financial institutions. These deposits
are guaranteed by the FDIC up to an insurance limit of $250,000. At times, cash balances may exceed FDIC limits. Although the consolidated
funds bear risk on amounts in excess of those insured by the FDIC, they have not experienced and do not anticipate any losses due to
the high quality of the institutions where the deposits are held.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 10pt"><b><i>Restricted
Cash</i></b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font-size: 10pt">Restricted
cash consists of tenant security deposits and cash reserves required by certain loan agreements for capital improvements and repairs.
As improvements and repairs are completed, related costs incurred by the consolidated funds are funded from the reserve accounts. Restricted
cash also includes cash held in escrow accounts by mortgage companies on behalf of the consolidated funds for payment of property taxes,
insurance, and interest.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 10pt"><b><i>Consolidated
Fund Revenues</i></b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font-size: 10pt">In
accordance with ASC 606, our consolidated funds apply the five-step framework in determining the timing and amount of revenue to recognize.
This framework requires an entity to: (i)&nbsp;identify the contract(s)&nbsp;with customers, (ii)&nbsp;identify the performance obligations
within the contract, (iii)&nbsp;determine the transaction price, (iv)&nbsp;allocate the transaction price to the performance obligations
within the contract, and (v)&nbsp;recognize revenue when or as the entity satisfies a performance obligation. Our consolidated funds&rsquo;
revenues primarily consist of hospitality revenues, rental income and interest income.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 10pt"><u>Consolidated
funds &ndash; hospitality revenue</u></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font-size: 10pt">Hospitality
revenues are comprised of charges for room rentals, food and beverage sales, and other hotel operating activities. Revenues are recognized
as earned, which is defined as the date upon which a guest occupies a room or utilizes the hotel&rsquo;s services. Revenues are recorded
net of sales tax.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font-size: 10pt">Our
consolidated funds have performance obligations to provide accommodations and other ancillary services to hotel guests. As compensation
for such goods and services, the consolidated funds are typically entitled to a fixed nightly fee for an agreed upon period and additional
fixed fees for any ancillary services purchased. These fees are generally payable at the time the hotel guest checks out of the hotel.
The consolidated funds generally satisfy the performance obligations over time and recognize the revenue from room sales and from other
ancillary guest services on a daily basis, as the rooms are occupied, and the services have been rendered.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font-size: 10pt">For
food and beverage, revenue is recognized upon transfer of promised products or services to customers in an amount that reflects the consideration
the consolidated funds received in exchange for those services, which is generally when payment is tendered at the time of sale.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font-size: 10pt">The
consolidated funds receive deposits for events and rooms. Such deposits are deferred and included in other liabilities on the accompanying
consolidated balance sheets. The deposits are credited to consolidated funds &ndash; hospitality revenue when the specific event takes
place.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 10pt"><u>Consolidated
funds &ndash; other revenue</u></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consolidated
funds &ndash; other revenue includes rental revenue of $0.4&nbsp;million and $1.3&nbsp;million for the </font><font style="font-size: 10pt">three
and nine months ended September&nbsp;30, 2024, respectively, and $1.2&nbsp;million and $3.5&nbsp;million, for the three and nine months
ended September&nbsp;30, 2023, respectively. Rental revenue includes the revenues generated primarily by the rental operations of the
residential (multi-family and single-family) and commercial properties of our consolidated funds.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font-size: 10pt">Upon
adoption of ASC 842, <i>Leases</i> (&ldquo;ASC 842&rdquo;), effective January&nbsp;1, 2022, at the inception of a new lease arrangement,
including new leases that arise from amendments, the Company assesses the terms and conditions to determine the proper lease classification.
When the terms of a lease effectively transfer control of the underlying asset, the lease is classified as a sales-type lease. When a
lease does not effectively transfer control of the underlying asset to the lessee, but the Company obtains a guarantee for the value
of the asset from a third party, the Company classifies the lease as a direct financing lease. All other leases are classified as operating
leases. The consolidated funds did not have any sales-type or direct financing leases as of September&nbsp;30, 2024. For operating leases
with minimum scheduled rent increases, the consolidated funds recognize rental revenue on a straight-line basis, including the effect
of any free rent periods, over the lease term when collectability of lease payments is probable. Variable lease payments are recognized
as rental revenue in the period when the changes in facts and circumstances on which the variable lease payments are based occur.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font-size: 10pt">The
Company identified two separate lease components as follows: i) land lease component, and ii) single property lease component comprised
of building, land improvements and tenant improvements. The Company&rsquo;s leases also contain provisions for tenants to reimburse the
consolidated funds for maintenance and other property operating expenses, which are considered to be non-lease components. The Company
elected the practical expedient to combine lease and non-lease components and the non-lease components will be included with the single
property lease component as the predominant component.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, consolidated funds - other revenue includes interest income of $1.7&nbsp;million and $4.3&nbsp;million for the </font><font style="font-size: 10pt">three
and nine months ended September&nbsp;30, 2024, respectively, and $0.9&nbsp;million and $2.7&nbsp;million for the three and nine months
ended September&nbsp;30, 2023, respectively, which is generated by a consolidated fund&rsquo;s lending activity. Interest income is recognized
on the accrual basis of accounting in accordance with the lending agreements over the term of the respective loan agreement.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 10pt"><b><i>Consolidated
Fund Expenses</i></b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font-size: 10pt">Consolidated
fund expenses consist primarily of costs, expenses and fees that are incurred by, or arise out of the operation and activities of or
otherwise related to, our consolidated funds, including, without limitation, operating costs, depreciation and amortization, interest
expense on debt held by our consolidated funds, gain on extinguishment of debt, gain on derivative instruments, insurance expenses, professional
fees and other costs associated with administering and supporting those funds.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 10pt"><b><i>Accounts
Receivable</i></b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounts
receivable primarily consists of amounts due from guests or groups for hotel rooms and services provided by the hotel properties. Accounts
receivable also include due, but unpaid, rental payments. Our consolidated funds continually review receivables and determine collectability
by taking into consideration the history of past write-offs, collections, current credit conditions, tenant payment history, the financial
condition of the tenants, business conditions in the industry in which the tenant operates and economic conditions in the area in which
the property is located. If the collectability of a receivable is uncertain, our consolidated funds will record an increase in the allowance
for doubtful accounts. Amounts that are determined to be uncollectible with a high degree of certainty are written-off through bad debt
expense, which is included in consolidated funds </font><font style="font-size: 10pt">&ndash; hospitality expenses and consolidated funds
 &ndash; other expenses on the accompanying consolidated statements of operations. Our consolidated funds had no allowance for doubtful
accounts as of September&nbsp;30, 2024 and December&nbsp;31, 2023.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 10pt"><b><i>Derivative
Instruments</i></b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font-size: 10pt">The
consolidated funds record all derivative instruments on the consolidated balance sheets at fair value. The accounting for changes in
the fair value of the derivative and the effect on the financial statements depends on its hedge designation and whether the hedge is
highly effective in achieving offsetting changes in the fair value of cash flows of the asset or liability hedged. If the consolidated
fund elects not to apply hedge accounting treatment, any changes in the fair value of the derivative instruments is recognized immediately
in consolidated funds - hospitality expenses in the consolidated statements of operations. If the derivative is designated and qualifies
for hedge accounting treatment, the change in fair value of the derivative is recorded in other comprehensive income (loss).</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 10pt"><b><i>Fair Value
of Financial Instruments</i></b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font-size: 10pt">The
fair value of financial instruments is disclosed in accordance with ASC 825,&nbsp;<i>Financial Instruments</i>. The fair value of our
financial instruments is estimated using available market information and established valuation methodologies. The estimates of fair
value are not necessarily indicative of the amounts the consolidated funds could realize on disposition of the financial instruments.
The use of different market assumptions and/or valuation methodologies may have a material effect on the estimated fair value amounts.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 10pt"><b><i>Fair Value
Measurements</i></b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font-size: 10pt">Fair
value measurements and disclosures consist of a three-level valuation hierarchy. The valuation hierarchy categorizes assets and liabilities
measured at fair value into one of three different levels depending on the ability to observe the inputs employed in the measurement
using market participant assumptions at the measurement date. An asset&rsquo;s or liability&rsquo;s categorization within the valuation
hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three levels are defined as
follows:</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font-size: 10pt; vertical-align: top">
<td style="font-size: 10pt; width: 0.25in"></td><td style="font-size: 10pt; width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="font-size: 10pt; text-align: justify"><font style="font-size: 10pt">Level
                                            1 &ndash; Inputs are quoted prices in active markets for identical assets or liabilities
                                            that can be accessed at the measurement date.</font></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font-size: 10pt; vertical-align: top">
<td style="font-size: 10pt; width: 0.25in"></td><td style="font-size: 10pt; width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="font-size: 10pt; text-align: justify"><font style="font-size: 10pt">Level
                                            2 &ndash; Inputs include quoted prices included within Level 1 that are observable for the
                                            asset or liability either directly or indirectly. If the asset or liability has a specified
                                            (contractual) term, a Level 2 input must be observable for substantially the full term of
                                            the asset or liability.</font></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font-size: 10pt; vertical-align: top">
<td style="font-size: 10pt; width: 0.25in"></td><td style="font-size: 10pt; width: 0.25in"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td><td style="font-size: 10pt; text-align: justify"><font style="font-size: 10pt">Level
                                            3 &ndash; Unobservable inputs for the asset or liability. These unobservable inputs reflect
                                            assumptions about what market participants would use to price the asset or liability and
                                            are developed based on the best information available in the circumstances (which might include
                                            the reporting company&rsquo;s own data)</font></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 10pt"><b><i><u>Recent
Accounting Pronouncements</u></i></b></font></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font-size: 10pt">The
Company adopted ASU 2016-13, Financial Instruments &ndash; Credit Losses and subsequent amendments (collectively, &ldquo;Topic 326&rdquo;),
effective January&nbsp;1, 2023. Topic 326 was intended to improve financial reporting by requiring more timely recognition of credit
losses on loans and other financial instruments that are not accounted for at fair value through net income and required that financial
assets measured at amortized cost be presented at the net amount expected to be collected, through an allowance for credit losses that
was deducted from the amortized cost basis. The amendments in Topic 326 required the Company to measure all expected credit losses based
upon historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the financial
assets and eliminated the &ldquo;incurred loss&rdquo; methodology under current U.S. GAAP. Loans and receivables between entities under
common control are not within the scope of this guidance. The adoption of this guidance did not have a material impact on the Company&rsquo;s
consolidated financial statements.</font></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font-size: 10pt">The
Company adopted the Financial Accounting Standards Board (&ldquo;FASB&rdquo;) issued ASU 2020-06,&nbsp;<i>Debt &ndash; Debt with Conversion
and Other Options (Subtopic 470-20) and Derivatives and Hedging &ndash; Contracts in Entity&rsquo;s Own Equity (Subtopic 815-40)</i>,
effective January&nbsp;1, 2024, which simplifies the accounting for convertible instruments by reducing the number of accounting models
for convertible debt instruments and convertible preferred stock, removes certain settlement conditions that are required for equity
contracts to qualify for the derivative scope exception and also simplifies the diluted earnings per share calculation in certain areas.
The adoption of this guidance did not have a material impact on the Company&rsquo;s consolidated financial statements.</font></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font-size: 10pt">In
November&nbsp;2023, FASB issued ASU 2023-07, <i>Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures</i>, which
serves to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses
on both an annual and interim basis. The guidance does not change the definition of a segment, the method for determining segments, or
the criteria for aggregating operating segments into reportable segments and is effective for fiscal years beginning after December&nbsp;15,
2023, and interim periods within fiscal years beginning after December&nbsp;15, 2024, with early adoption permitted. We are currently
evaluating the impact of the adoption of ASU 2023-07 on our consolidated financial statements; however, adoption will not impact our
consolidated balance sheets and statements of operations.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font-size: 10pt">In
December&nbsp;2023, the FASB issued ASU 2023-09,&nbsp;<i>Improvements to Income Tax Disclosures (Topic 740,&nbsp;Income Taxes)</i>. ASU
2023-09, which serves to enhance income tax disclosures by requiring a tabular rate reconciliation and additional information on income
taxes paid. The guidance is effective for annual periods beginning after December&nbsp;15, 2024, with early adoption permitted. We are
currently evaluating the impact of the adoption of ASU 2023-09 on our consolidated financial statements.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 10pt"><b>Note 3 &ndash;
VIEs</b></font></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font-size: 10pt">During
the nine months ended September&nbsp;30, 2023, the Company (i)&nbsp;deconsolidated five hospitality funds that were contributed to Caliber
Hospitality, LP, whose sole general partner is the Caliber Hospitality Trust and (ii)&nbsp;consolidated Caliber Hospitality, LP and the
Caliber Hospitality Trust, which included activity from the five previously consolidated hospitality funds and one previously unconsolidated
fund because the Company was determined to be the primary beneficiary as it had the power to direct the activities and the obligation
to absorb their losses through its guarantee of the indebtedness secured by the hospitality assets, which was significant to the Caliber
Hospitality Trust and Caliber Hospitality, LP.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font-size: 10pt">In
addition, the Company consolidated West Frontier Holdco, LLC (&ldquo;West Frontier&rdquo;) during the nine months ended September&nbsp;30,
2023, as the Company was determined to be the primary beneficiary as the Company has the power to direct the activities of West Frontier
and the obligation to absorb their losses through its guarantee of their indebtedness, which is significant to the fund. No additional
VIEs were consolidated during the nine months ended September&nbsp;30, 2024. The consolidation of the Caliber Hospitality Trust, Caliber
Hospitality, LP, and West Frontier consisted of the following, excluding intercompany eliminations at the time of consolidation (in thousands):</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">Assets</font></td><td style="font-size: 10pt"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font-size: 10pt; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: right"><font style="font-size: 10pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td></tr>
  <tr style="font-size: 10pt; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; width: 87%; text-align: left"><font style="font-size: 10pt">Real
    estate investments, net</font></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><font style="font-size: 10pt">$</font></td><td style="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right"><font style="font-size: 10pt">87,897</font></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td></tr>
  <tr style="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in"><font style="font-size: 10pt">Cash</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">3,667</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td></tr>
  <tr style="font-size: 10pt; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-align: left"><font style="font-size: 10pt">Restricted
    cash</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">9,260</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td></tr>
  <tr style="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-align: left"><font style="font-size: 10pt">Accounts
    receivable, net</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">4,348</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td></tr>
  <tr style="font-size: 10pt; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-align: left"><font style="font-size: 10pt">Notes
    receivable - related parties</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">10,411</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td></tr>
  <tr style="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-align: left"><font style="font-size: 10pt">Due from
    related parties</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">40</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td></tr>
  <tr style="font-size: 10pt; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-align: left"><font style="font-size: 10pt">Investments
    in unconsolidated entities</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">84,076</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td></tr>
  <tr style="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-align: left"><font style="font-size: 10pt">Operating
    lease - right of use assets</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">8,775</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td></tr>
  <tr style="font-size: 10pt; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-align: left; padding-bottom: 1pt"><font style="font-size: 10pt">Prepaid
    and other assets</font></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">5,953</font></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td></tr>
  <tr style="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left; padding-bottom: 2.5pt"><font style="font-size: 10pt">Total
    assets</font></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">$</font></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">214,427</font></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td></tr>
  <tr style="font-size: 10pt; vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt"><font style="font-size: 10pt">&nbsp;</font></td><td style="font-size: 10pt"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font-size: 10pt; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: right"><font style="font-size: 10pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td></tr>
  <tr style="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">Liabilities</font></td><td style="font-size: 10pt"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font-size: 10pt; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: right"><font style="font-size: 10pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td></tr>
  <tr style="font-size: 10pt; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-align: left"><font style="font-size: 10pt">Notes
    payable, net</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">$</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">80,278</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td></tr>
  <tr style="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-align: left"><font style="font-size: 10pt">Notes
    payable - related parties</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">34,786</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td></tr>
  <tr style="font-size: 10pt; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-align: left"><font style="font-size: 10pt">Accounts
    payable and accrued expenses</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">7,858</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td></tr>
  <tr style="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-align: left"><font style="font-size: 10pt">Due to
    related parties</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">10,302</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td></tr>
  <tr style="font-size: 10pt; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-align: left"><font style="font-size: 10pt">Operating
    lease liabilities</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">12,441</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td></tr>
  <tr style="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-align: left; padding-bottom: 1pt"><font style="font-size: 10pt">Other
    liabilities</font></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">2,158</font></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td></tr>
  <tr style="font-size: 10pt; vertical-align: bottom; background-color: White">
    <td style="font: bold 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left"><font style="font-size: 10pt">Total
    liabilities</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">147,823</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td></tr>
  <tr style="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt"><font style="font-size: 10pt">&nbsp;</font></td><td style="font-size: 10pt"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font-size: 10pt; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: right"><font style="font-size: 10pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td></tr>
  <tr style="font-size: 10pt; vertical-align: bottom; background-color: White">
    <td style="font: bold 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left; padding-bottom: 1pt"><font style="font-size: 10pt">Stockholders&rsquo;
    equity</font></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">66,604</font></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td></tr>
  <tr style="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; padding-left: 0.375in; text-align: left; padding-bottom: 2.5pt"><font style="font-size: 10pt">Total
    liabilities and stockholders&rsquo; equity</font></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">$</font></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">214,427</font></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font-size: 10pt">On
March&nbsp;7, 2024, L.T.D. Hospitality Group LLC (&ldquo;L.T.D.&rdquo;) contributed the first of nine committed hotels from L.T.D.&rsquo;s
portfolio to Caliber Hospitality, LP in exchange for $4.9&nbsp;million in cash, net of closing costs, $9.6&nbsp;million in operating
partnership units, and a new $14.1&nbsp;million loan facility. Upon this reconsideration event, the Company reconsidered its consolidation
conclusion, given the change in economics, and concluded that it was no longer the primary beneficiary, as its potential obligation to
absorb the losses, through its guarantee of the indebtedness secured by the hospitality assets, were no longer significant to Caliber
Hospitality, LP or the Caliber Hospitality Trust. As such, during the nine months ended September&nbsp;30, 2024, the Company deconsolidated
Caliber Hospitality, LP, the Caliber Hospitality Trust, and their consolidated subsidiaries. In addition, the Company deconsolidated
Elliot, a VIE that is developing a multi-family property, and DT Mesa, a VIE that is redeveloping commercial properties, as the Company
was no longer determined to be the primary beneficiary upon refinancing the loan agreements. The Company aggregates and reports the results
of operations of these VIEs in consolidated fund revenues and consolidated fund expenses within the accompanying consolidated statements
of operations through the date of deconsolidation.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font-size: 10pt">Management
has determined that the equity holders in our consolidated entities, as a group, lack the power to direct the activities that most significantly
impact the entity&rsquo;s economic performance and/or have disproportionate voting rights relative to their equity. The Company was determined
to be the primary beneficiary of each of these entities since it has the power to direct the activities of the entities and the right
to absorb losses, generally in the form of guarantees of indebtedness that are significant to the individual entities.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font-size: 10pt">Generally,
the assets of the individual consolidated VIEs can be used only to settle liabilities of each respective individual consolidated VIE
and the liabilities of each respective individual consolidated VIE are liabilities for which creditors or beneficial interest holders
do not have recourse to the general credit of the Company. When the VIE is consolidated, we eliminate any Platform revenues that are
generated from that VIE or investments made by the Platform into the VIE and we reflect the assets, liabilities, revenues, expenses and
cash flows of the consolidated funds on a gross basis, and the interests in the VIEs are included in non-controlling interest in the
consolidated financial statements. The Company has provided financial support to certain of its consolidated VIEs in the form of short-term
financing and guarantees of the debts of certain VIEs. In general, our maximum exposure to loss due to involvement with the consolidated
VIEs is limited to the amount of capital investment in the VIE, if any, or the potential obligation to perform on the guarantee of debts.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font-size: 10pt">See
Note 11 &ndash; Commitments and Contingencies for additional information related to the commitments and contingencies of these VIEs.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 10pt"><b>Note 4 &ndash;
Real Estate Investments</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 10pt"><b>Real Estate
Investments of the Company</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font-size: 10pt"><b><i>Asset
Acquisitions</i></b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
were </font><font style="font-size: 10pt">no asset acquisitions by the Company during the nine months ended September&nbsp;30, 2024.
During the nine months ended September&nbsp;30, 2023, the Company acquired its headquarters office building for an aggregate purchase
price of $19.5&nbsp;million with the acquisition being accounted for as an asset acquisition under U.S. GAAP.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font-size: 10pt">The
allocation of the purchase price among the assets acquired at their relative fair value as of the acquisition date, consisted of the
following for the nine months ended September&nbsp;30, 2023 (in thousands):</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font-size: 10pt; vertical-align: bottom">
    <td style="font-size: 10pt"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 10pt">&nbsp;</font></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-size: 10pt">Nine
    Months Ended<br>
    September&nbsp;30, 2023</font></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 10pt">&nbsp;</font></td></tr>
  <tr style="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">Real estate investments, at
    cost</font></td><td style="font-size: 10pt"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font-size: 10pt; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: right"><font style="font-size: 10pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td></tr>
  <tr style="font-size: 10pt; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; width: 82%; text-align: left"><font style="font-size: 10pt">Land
    and land improvements</font></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><font style="font-size: 10pt">$</font></td><td style="font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: right"><font style="font-size: 10pt">9,131</font></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td></tr>
  <tr style="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-align: left"><font style="font-size: 10pt">Building
    and building improvements</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">9,332</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td></tr>
  <tr style="font-size: 10pt; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-align: left"><font style="font-size: 10pt">Furniture,
    fixtures and equipment</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">959</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td></tr>
  <tr style="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-align: left"><font style="font-size: 10pt">Intangible
    lease assets</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">398</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td></tr>
  <tr style="font-size: 10pt; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-align: left; padding-bottom: 1pt"><font style="font-size: 10pt">Intangible
    lease liabilities</font></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">(348</font></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><font style="font-size: 10pt">)</font></td></tr>
  <tr style="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left; padding-bottom: 2.5pt"><font style="font-size: 10pt">Total
    purchase price of assets acquired</font></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">$</font></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">19,472</font></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 10pt"><b>Real Estate
Investments of the Consolidated Funds</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font-size: 10pt"><b><i>Asset
Acquisitions by Consolidated Funds</i></b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
were no asset acquisitions by the consolidated funds during the nine months ended September&nbsp;30, 2024. During the nine months ended
September&nbsp;30, 2023, the consolidated funds acquired </font><font style="font-size: 10pt">one multi-family residential property for
an aggregate purchase price of $6.6&nbsp;million with the acquisition being accounted for as an asset acquisition under U.S. GAAP.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font-size: 10pt">The
allocation of the purchase price among the assets acquired at their relative fair value as of the acquisition date, consisted of the
following for the nine months ended September&nbsp;30, 2023 (in thousands):</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font-size: 10pt; vertical-align: bottom">
    <td style="font-size: 10pt"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 10pt">&nbsp;</font></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-size: 10pt">Nine
    Months Ended<br>
    September&nbsp;30, 2023</font></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 10pt">&nbsp;</font></td></tr>
  <tr style="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">Real estate investments, at
    cost</font></td><td style="font-size: 10pt"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font-size: 10pt; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: right"><font style="font-size: 10pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td></tr>
  <tr style="font-size: 10pt; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; width: 82%; text-align: left"><font style="font-size: 10pt">Land
    and land improvements</font></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><font style="font-size: 10pt">$</font></td><td style="font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: right"><font style="font-size: 10pt">599</font></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td></tr>
  <tr style="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-align: left; padding-bottom: 1pt"><font style="font-size: 10pt">Building
    and building improvements</font></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">6,044</font></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td></tr>
  <tr style="font-size: 10pt; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left; padding-bottom: 2.5pt"><font style="font-size: 10pt">Total
    purchase price of assets acquired</font></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">$</font></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">6,643</font></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 10pt"><b>Note 5 &ndash;
Prepaid and Other Assets</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 10pt"><b>Prepaid and
Other Assets of the Company</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font-size: 10pt">Prepaid
and other assets consisted of the following as of September&nbsp;30, 2024 and December&nbsp;31, 2023 (in thousands):</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font-size: 10pt; vertical-align: bottom">
    <td style="white-space: nowrap; font-size: 10pt"><font style="font-size: 10pt">&nbsp;</font></td><td style="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 10pt">&nbsp;</font></td>
    <td colspan="2" style="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-size: 10pt">September&nbsp;30,
    2024</font></td><td style="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 10pt">&nbsp;</font></td><td style="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 10pt">&nbsp;</font></td>
    <td colspan="2" style="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-size: 10pt">December&nbsp;31,
    2023</font></td><td style="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 10pt">&nbsp;</font></td></tr>
  <tr style="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 70%; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuit
    costs <sup>(1)</sup></font></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><font style="font-size: 10pt">$</font></td><td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right"><font style="font-size: 10pt">1,136</font></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><font style="font-size: 10pt">$</font></td><td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right"><font style="font-size: 10pt">1,081</font></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td></tr>
  <tr style="font-size: 10pt; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">Prepaid expenses</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">648</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">981</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td></tr>
  <tr style="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">Accounts receivable, net</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">403</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">205</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td></tr>
  <tr style="font-size: 10pt; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">Deposits</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">63</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">63</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td></tr>
  <tr style="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt"><font style="font-size: 10pt">Other assets</font></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">558</font></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">451</font></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td></tr>
  <tr style="font-size: 10pt; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-align: left; padding-bottom: 2.5pt"><font style="font-size: 10pt">Total
    prepaid and other assets</font></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">$</font></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">2,808</font></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">$</font></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">2,781</font></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<!-- Field: Rule-Page --><div style="width: 25%"><div style="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font-size: 10pt">
    <td style="font-size: 10pt; vertical-align: top; width: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(1)</sup></font></td>
    <td style="font-size: 10pt; vertical-align: bottom; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuit
    costs represent expenses incurred related to new fund formation, primarily for professional, legal, consulting, accounting and tax
    services. As the funds raise equity investments and operating cash flow, as applicable, these costs are reimbursed by the respective
    funds to the Company. The Company assesses collectability and expenses any amounts in which collectability is not reasonably assured.</font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 10pt"><b>Prepaid and
Other Assets of the Consolidated Funds</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font-size: 10pt">Prepaid
and other assets of the consolidated funds consisted of the following as of September&nbsp;30, 2024 and December&nbsp;31, 2023 (in thousands):</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font-size: 10pt; vertical-align: bottom">
    <td style="white-space: nowrap; font-size: 10pt"><font style="font-size: 10pt">&nbsp;</font></td><td style="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 10pt">&nbsp;</font></td>
    <td colspan="2" style="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-size: 10pt">September&nbsp;30,
    2024</font></td><td style="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 10pt">&nbsp;</font></td><td style="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 10pt">&nbsp;</font></td>
    <td colspan="2" style="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-size: 10pt">December&nbsp;31,
    2023</font></td><td style="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 10pt">&nbsp;</font></td></tr>
  <tr style="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 70%; text-align: left"><font style="font-size: 10pt">Derivative assets</font></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><font style="font-size: 10pt">$</font></td><td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right"><font style="font-size: 10pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><font style="font-size: 10pt">$</font></td><td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right"><font style="font-size: 10pt">1,216</font></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td></tr>
  <tr style="font-size: 10pt; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">Prepaid expenses</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">103</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">1,735</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td></tr>
  <tr style="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">Deposits</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">57</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">669</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td></tr>
  <tr style="font-size: 10pt; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuit
    costs <sup>(1)</sup></font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">1,102</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td></tr>
  <tr style="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">Deferred franchise fees, net</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">63</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">278</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td></tr>
  <tr style="font-size: 10pt; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">Intangibles, net</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">184</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td></tr>
  <tr style="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">Inventory</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">41</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">142</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td></tr>
  <tr style="font-size: 10pt; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
    assets <sup>(2)</sup></font></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">205</font></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">6,351</font></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td></tr>
  <tr style="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-align: left; padding-bottom: 2.5pt"><font style="font-size: 10pt">Total
    prepaid and other assets</font></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">$</font></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">469</font></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">$</font></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">11,677</font></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><font style="font-size: 10pt">&nbsp;</font></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<!-- Field: Rule-Page --><div style="width: 25%"><div style="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><tr style="font-size: 10pt; vertical-align: top; text-align: justify">
<td style="font-size: 10pt; width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(1)</sup></font></td><td style="font-size: 10pt; text-align: justify"><font style="font-size: 10pt">Pursuit
                                            costs represent expenses incurred related to new fund formation, primarily for professional,
                                            legal, consulting, accounting and tax services. As the funds raise equity investments and
                                            operating cash flow, as applicable, these costs are reimbursed by the respective funds to
                                            the Company. The Company assesses collectability and expenses any amounts in which collectability
                                            is not reasonably assured.</font></td>
</tr>
<tr style="font-size: 10pt; vertical-align: top; text-align: justify">
<td style="font-size: 10pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(2)</sup></font></td><td style="font-size: 10pt; text-align: justify"><font style="font-size: 10pt">Other
                                            assets as of December&nbsp;31, 2023, primarily represents incremental costs, including professional,
                                            legal, consulting, accounting and tax services, directly attributable to Caliber Hospitality
                                            Trust that are deferred and will be charged against the gross proceeds of the planned public
                                            offering.</font></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Note 6 &ndash; Notes Payable</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Notes Payable of the Company</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Notes payable consisted
of the following as of September&nbsp;30, 2024 and December&nbsp;31, 2023 (in thousands):</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif">Notes Payable</td><td style="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">September&nbsp;30,<br>
    2024</td><td style="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td><td style="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">December&nbsp;31,
    2023</td><td style="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td><td style="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Weighted<br>
    Average<br>
    Interest Rate <sup>(1)</sup></b></font></td><td style="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td><td style="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Maturity
    Date <sup>(1)</sup></b></font></td><td style="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 35%; text-align: left">Corporate notes</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">31,768</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">36,442</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">11.41</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 23%; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">January&nbsp;2024
                                            - April&nbsp;2026</font></td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Convertible corporate notes</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,274</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,324</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">8.25</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">April&nbsp;2024
                                            - May&nbsp;2025</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Real estate and other loans</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">16,835</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">16,252</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">7.43</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">August&nbsp;2024
                                            - November&nbsp;2029</font></td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Total notes payable</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">49,877</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">54,018</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Deferred financing costs, net</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(204</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(219</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left">Total notes payable, net</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">49,673</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">53,799</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left">(1)</td><td style="text-align: justify">As of September&nbsp;30,
                                            2024.</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Real Estate Loans</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The terms of the loan agreements
described below include, among other things, certain financial covenants, as defined in the respective loan agreements, including key
financial ratios and liquidity requirements.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Gateway II HoldCo, LLC</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January&nbsp;31, 2023, Caliber assumed a loan which is secured by the Company&rsquo;s headquarters office building (see <b>Note 4 &ndash;
Real Estate Investments</b></font>). The terms of the note require monthly principal and interest payments, with a balloon payment due
at maturity. The loan has a fixed interest rate of 4.30% in effect through the maturity date in November&nbsp;2029. The terms of the
loan do not allow the prepayment of the outstanding balance in part or in whole at any time prior to the maturity date. The terms of
the loan agreement include covenant clauses, which require certain key financial ratios and liquidity be met. As of September&nbsp;30,
2024 and December&nbsp;31, 2023, the outstanding principal balance of the loan was $16.0&nbsp;million and $16.2&nbsp;million, respectively.
As of September&nbsp;30, 2024, the debt service coverage ratio required by the loan agreement was not satisfied, which per the terms
of the agreement required the Company to transfer funds to a cash management account.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Corporate Notes and
Convertible Corporate Notes</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company has entered
into multiple general corporate financing arrangements with third parties. The arrangements are generally evidenced in the form of an
unsecured promissory note and require monthly or quarterly interest-only payments until maturity. The loans generally have a 12-month
term and may be extended upon the mutual agreement of the lender and the borrower. Management believes it can come to a mutual agreement
with each lender to extend the maturities of the notes for an additional 12-month term.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">As of September&nbsp;30,
2024, there were 211 individual corporate notes outstanding, with an average outstanding principal balance of $0.2 million, interest
rates ranging from 8.25% to 12.00%, with weighted average interest rate of 11.41%, and maturity dates ranging from January&nbsp;2024
to April&nbsp;2026. During the nine months ended September&nbsp;30, 2024, there were no conversions of debt into common stock. As of
November&nbsp;13, 2024, an aggregate of $32.4&nbsp;million of corporate and convertible notes mature within the 12-month period subsequent
to when these financial statements were issued.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">As of December&nbsp;31,
2023, there were 222 individual corporate notes outstanding, with an average outstanding principal balance of $0.2 million, interest
rates ranging from 8.25% to 12.00%, with a weighted average interest rate of 11.42%, and maturity dates ranging from January&nbsp;2024
to March&nbsp;2025.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company has issued corporate
notes with a conversion feature. The conversion price is $7.57 per share of common stock. The holders of the convertible corporate notes
can elect to convert all or any portion of the balance at any time. As of September&nbsp;30, 2024 and December&nbsp;31, 2023, the value
of the conversion feature was zero.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Future Minimum Payments</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The following table summarizes
the scheduled principal repayments of our indebtedness as of September&nbsp;30, 2024 (in thousands):</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">Year</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Amount</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 82%">October&nbsp;1, 2024 - December&nbsp;31, 2024</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: right">10,114</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">2025</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">24,020</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">2026</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">404</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">2027</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">317</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">2028</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">330</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Thereafter</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">14,692</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt">Total</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">49,877</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Deferred Financing Costs</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amortization
of deferred financing costs for the Company was </font>immaterial and there were no deferred financing cost write-offs during each of
the three and nine months ended September&nbsp;30, 2024 and 2023.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Notes Payable of the Consolidated Funds</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Notes payable of the consolidated
funds consisted of the following as of September&nbsp;30, 2024 and December&nbsp;31, 2023, respectively (in thousands):</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif">Notes Payable</td><td style="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">September&nbsp;30,
    2024</td><td style="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td><td style="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">December&nbsp;31,
    2023</td><td style="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td><td style="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Interest
    Rate <sup>(1)</sup></b></font></td><td style="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Maturity
    date <sup>(1)</sup></b></font></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Real Estate Loans</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; width: 44%; text-align: left">Hampton Inn&nbsp;&amp; Suites
    Hotel</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 12%; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><sup>(3)</sup></td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 12%; font: 10pt Times New Roman, Times, Serif; text-align: right">5,939</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 12%; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 2.65pt">N/A</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 12%; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 2.65pt">N/A</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Four
    Points by Sheraton Hotel <sup>(2)</sup></font></td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><sup>(3)</sup></td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">11,000</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 2.65pt">N/A</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 2.65pt">N/A</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left">Holiday Inn Ocotillo Hotel</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><sup>(3)</sup></td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">9,250</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 2.65pt">N/A</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 2.65pt">N/A</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left">Airport Hotel Portfolio</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><sup>(3)</sup></td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">55,631</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 2.65pt">N/A</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 2.65pt">N/A</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">DoubleTree by Hilton Tucson Convention
    Center</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">18,080</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">18,418</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 2.65pt">7.71%</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 2.65pt">August&nbsp;2027</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left">Hilton Tucson East</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><sup>(3)</sup></td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">11,901</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 2.65pt">N/A</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 2.65pt">N/A</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left">DT Mesa Holdco II, LLC</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">3,000</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 2.65pt">N/A</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 2.65pt">N/A</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left">Southpointe Fundco, LLC</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,050</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,050</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 2.65pt">11.99%</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 2.65pt">March&nbsp;2025</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left">West Frontier Holdco, LLC</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">4,776</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">4,636</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; padding-left: 2.65pt">6.35%</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; padding-left: 2.65pt">February&nbsp;2038</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.375in; text-align: left">Total Real Estate Loans</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">23,906</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">120,825</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Revolving line of credit</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">4,500</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">4,500</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 2.65pt">8.75%</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 2.65pt">October&nbsp;2024</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Member notes</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">5,600</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">5,600</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 2.65pt">10.00%</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 2.65pt">June&nbsp;2025</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Economic injury disaster and other
    loans</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">475</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; padding-left: 2.65pt">N/A</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; padding-left: 2.65pt">N/A</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Total notes payable</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">34,006</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">131,400</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Deferred financing costs, net</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(254</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(1,716</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left">Total notes payable, net</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">33,752</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">129,684</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

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<td style="width: 0in"></td><td style="width: 0.25in; text-align: left">(1)</td><td style="text-align: justify">As of September&nbsp;30,
                                            2024.</td>
</tr>
<tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
                                            the year ended </font>December&nbsp;31, 2023, the hotel ceased operations as the consolidated
                                            fund is converting the property into a multi-family residential asset.</td>
</tr>
<tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left">(3)</td><td style="text-align: justify">During the nine months
                                            ended September&nbsp;30, 2024, the Company deconsolidated Caliber Hospitality, LP and the
                                            Caliber Hospitality Trust, which included activity from six hospitality funds, Elliot, which
                                            included activity from the Four Points by Sheraton Hotel, and DT Mesa.</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Real Estate Loans</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The terms of the loan agreements
described below include, among other things, certain financial covenants, as defined in the respective loan agreements, including key
financial ratios and liquidity requirements. Unless otherwise noted below, the consolidated funds were in compliance with the required
financial covenants as of September&nbsp;30, 2024.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Hampton Inn&nbsp;&amp; Suites
Hotel</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
July&nbsp;2015, the previously consolidated fund entered into a loan agreement which is secured by a deed of trust and assignment of
leases and rents of a hotel property in Scottsdale, Arizona. The terms of the note require monthly principal and interest payments, with
a balloon payment due at maturity. The loan has a fixed interest rate of 6.12% in effect through the maturity date in July&nbsp;2025.
The loan is guaranteed by an individual who is an affiliate of the Company. During the </font>nine months ended September&nbsp;30, 2024,
the Company deconsolidated Hampton Inn&nbsp;&amp; Suites Hotel, a consolidated subsidiary of Caliber Hospitality, LP (as discussed in
Note 3 &ndash; VIEs).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Four Points by Sheraton
Hotel</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
June&nbsp;2018, the previously consolidated fund entered into a loan agreement which is secured by a deed of trust and assignment of
leases and rents of a hotel property in Phoenix, Arizona. The loan required monthly interest-only payments until maturity. The loan is
guaranteed by the Company and matured in September&nbsp;2023. Per the terms of this agreement, the interest rate on the loan was equal
to US Prime Rate plus 2.25%, with a floor rate of 9.65%, until August&nbsp;31, 2023, at which time, the interest rate increased to 18%.
During the </font>nine months ended September&nbsp;30, 2024, the Company deconsolidated Elliot, which included activity from the Four
Points by Sheraton Hotel (as discussed in Note 3 &ndash; VIEs).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Holiday Inn Ocotillo Hotel</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
July&nbsp;2018, the previously consolidated fund entered into a loan agreement which is secured by a deed of trust and assignment of
leases and rents of a hotel property in Chandler, Arizona. The loan requires monthly interest-only payments. The interest rate on the
loan is equal to 1-month LIBOR plus 6.00%, with a floor rate of 11.00% until maturity in May&nbsp;2023. In May&nbsp;2023, the loan agreement
was amended and restated with the lender, extending the maturity date to November&nbsp;2023 and amending the interest rate to SOFR plus
600 basis points, with a floor rate of 11.00%. In November&nbsp;2023, the loan agreement was amended with the lender, extending the maturity
date to February&nbsp;2024. In February&nbsp;2024, the loan agreement was amended with the lender, extending the maturity date to May&nbsp;2024.
The loan is guaranteed by the Company. In April, 2024</font>, the Company deconsolidated Holiday Inn Ocotillo Hotel, a consolidated subsidiary
of Caliber Hospitality, LP (as discussed in <b>Note 3 &ndash; VIEs</b>).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Airport Hotel Portfolio</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In September&nbsp;2018,
the previously consolidated fund entered into a portfolio loan agreement which was secured by a deed of trust and assignment of leases
and rents of the Airport Hotel Portfolio. The loan had a variable interest rate equal to one-month LIBOR plus 3.75% and the loan required
interest-only payments until maturity. The loan was guaranteed by the Company and individuals who are affiliates of the Company. In January&nbsp;2023,
the consolidated fund paid the loan amount outstanding in full.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
January&nbsp;2023, the previously consolidated fund entered into a loan agreement which is secured by a deed of trust and assignment
of leases and rents of the Airport Hotel Portfolio. Per the terms of the loan agreement, the loan has a variable interest rate equal
to SOFR plus 8.75% and matures in January&nbsp;2025. In connection with the loan, the consolidated fund entered into an interest rate
cap agreement, which sets the maximum SOFR rate for the loan at 5.00% through January&nbsp;2024. The loan requires interest-only payments
until maturity. The terms of the loan do not allow the prepayment of the outstanding balance in part prior to the maturity date but can
be prepaid in whole subject to certain conditions, terms and fees outlined in the loan agreement. The terms of the loan agreement require
an exit fee equal to 1.25% of the original principal amount of the loan and a minimum return equal to 30.0% of the original principal
amount of the loan less any interest payments made at the time the loan is repaid in full. The exit fee was accrued upon entering into
the loan and recorded as a deferred financing cost to be amortized over the life of the loan. The loan is guaranteed by the Company and
individuals who are affiliates of the Company. During the </font>nine months ended September&nbsp;30, 2024, the Company deconsolidated
the Airport Hotel Portfolio, consolidated subsidiaries of Caliber Hospitality, LP (as discussed in <b>Note 3 &ndash; VIEs</b>).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">DoubleTree by Hilton Tucson
Convention Center</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In August&nbsp;2019, the
consolidated fund entered into a loan agreement which is secured by a deed of trust and assignment of rents of the DoubleTree by Hilton
Tucson Convention Center located in Tucson, Arizona. The loan has a variable interest rate per annum equal to LIBOR plus 2.50%. In connection
with the loan, the consolidated fund entered into an interest rate swap agreement, which sets the interest at a fixed rate of 4.22% from
September&nbsp;2022 through August&nbsp;2027. The loan required interest-only payments until September&nbsp;2022 and principal and interest
payments thereafter until maturity. The terms of the loan allow for the prepayment of the outstanding balance in whole or in part at
any time prior to the maturity date. The loan matures in August&nbsp;2027 and is guaranteed by the Company. In May&nbsp;2024, the consolidated
fund terminated the interest rate swap agreement and received $1.6&nbsp;million.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Hilton Tucson East</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
November&nbsp;2021, the previously consolidated fund entered into a loan agreement which is secured by the deed of trust and assignment
of rents of the Hilton Tucson East hotel located in Tucson, AZ. The loan has a fixed interest rate of 6.25% and matures in November&nbsp;2025.
The loan required interest-only payments until June&nbsp;1, 2023 and principal and interest payments thereafter until maturity. The loan
amount may be prepaid prior to maturity subject to certain conditions and terms and a prepayment fee as outlined in the agreement. During
the </font>nine months ended September&nbsp;30, 2024, the Company deconsolidated the Hilton Tucson East, a consolidated subsidiary of
Caliber Hospitality, LP (as discussed in <b>Note 3 &ndash; VIEs</b>).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">DT Mesa Holdco II, LLC</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
November&nbsp;2019, the consolidated fund entered into a loan agreement which is secured by the deed of trust of a commercial building
in Mesa, Arizona. The loan requires interest-only payments until maturity and the terms of the loan allow the prepayment of the outstanding
balance in part or in whole at any time prior to the maturity date with no prepayment penalty. In December&nbsp;2022, the terms of the
loan agreement were renegotiated, extending the maturity date of the loan to November&nbsp;2023 and amending the interest rate to the
greater of (i)&nbsp;the federal home loan bank rate plus 2.75%% or (ii)&nbsp;6.50%. In November&nbsp;2023, the loan agreement was amended
with the lender, extending the maturity date to February&nbsp;2024. In February&nbsp;2024, the loan agreement was amended with the lender,
extending the maturity date to May&nbsp;7, 2024 and waiving the minimum liquidity covenant default. In May&nbsp;2024, the loan agreement
was amended with the lender, extending the maturity date to August&nbsp;4, 2024 and removed the minimum liquidity covenant. In September,
2024</font>, the Company deconsolidated DT Mesa (as discussed in <b>Note 3 &ndash; VIEs</b>) when the loan was refinanced with a new
lender.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Southpointe Fundco, LLC</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In June&nbsp;2022, the consolidated
fund entered into a loan agreement which is secured by a deed of trust and assignment of rents of a residential development property
in Phoenix, Arizona. The loan initially had a fixed rate per annum equal to 9.99%. In May&nbsp;2023, an extension agreement was executed
with the lender, extending the maturity date to December&nbsp;2023. In November&nbsp;2023, an extension agreement was executed with the
lender, extending the maturity date to March&nbsp;2024 and amending the interest to a fixed rate of 11.99%. In February&nbsp;2024 and
August&nbsp;2024, extension agreements were executed with the lender, extending the maturity date to September&nbsp;2024 and then March&nbsp;2025,
respectively. The terms of the loan allow the prepayment of the outstanding balance in part or in whole at any time prior to the maturity
date with no prepayment penalty. The loan is guaranteed by an individual who is an affiliate of the Company.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">West Frontier Holdco, LLC</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In March&nbsp;2023, the
consolidated fund entered into a construction loan agreement which is secured by a deed of trust and assignment of rents of a multi-family
residential property in Payson, Arizona. Upon completion of the construction project, subject to conditions in the agreement, the loan
converts to a term loan. The loan requires interest-only payments until March&nbsp;2025 and principal and interest payments until March&nbsp;2028,
at a fixed interest rate of 6.35%. In April&nbsp;2028, the loan requires principal and interest payments until maturity in February&nbsp;2038,
at a rate of the five year Treasury Constant Federal Reserve Index plus 2.50%. The terms of the loan allow the prepayment of the outstanding
balance in part or in whole at any time prior to the maturity date with no prepayment penalty. The loan is guaranteed by individuals
who are affiliates of the Company.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Revolving Line of
Credit</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In August&nbsp;2019, a consolidated
fund entered into a revolving line of credit (&ldquo;LOC&rdquo;) with a maximum borrowing amount of $4.5 million. The LOC is secured
by the consolidated fund&rsquo;s assets and is guaranteed by the Company. The LOC has a variable interest rate equal to the greater of
(i)&nbsp;Wall Street Journal Prime Rate plus 0.25% per annum or (ii)&nbsp;4.75%, resulting in a rate of 8.75% as of September&nbsp;30,
2024. The consolidated fund is required to pay a fee of 0.20% of the unused revolving balance. In August&nbsp;2023, the agreement was
amended extending the maturity date of the LOC to October&nbsp;2024 and removing certain restrictive covenants. The terms of the LOC
include certain financial covenants and as of September&nbsp;30, 2024, the consolidated fund was in compliance with all such covenants.
In October&nbsp;2024, the LOC was terminated, and the consolidated fund entered into a $4.5&nbsp;million term loan, which is secured
by the consolidated fund&rsquo;s assets and is guaranteed by the Company, and matures in October&nbsp;2029. The term loan has a variable
interest rate equal to the sum of: (i)&nbsp;3.30% plus (ii)&nbsp;the greater of: (a)&nbsp;2.00% or (b)&nbsp;the forward-looking term
rate based on SOFR for a one month period.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Member Notes</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">During 2022 and 2023, the
consolidated fund, Southpointe Fundco, LLC (&ldquo;Southpointe&rdquo;), entered into 10.0% unsecured promissory notes with individual
investors. The notes mature in June&nbsp;2025 and may be extended up to two additional 12-month periods by the fund manager. The notes
require quarterly interest-only payments. The terms of the notes allow the prepayment of the outstanding balance in part or in whole
at any time prior to the maturity date with no prepayment penalty.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Economic Injury Disaster
Loans</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In June&nbsp;2020, the consolidated
funds were granted Economic Injury Disaster Loans, which were secured by the assets of the respective funds and had a fixed interest
rate of 3.75 % and matured in June&nbsp;2050. At September&nbsp;30, 2024, there was no outstanding principal balance. At December&nbsp;31,
2023, the outstanding principal balance was $0.5 million. Fixed monthly installment payments began in December&nbsp;2022 with payments
applied first to accrued interest and then the balance, if any, will be applied to principal outstanding. The loans allow for prepayment
of principal plus accrued interest prior to maturity. The loan agreements contain certain usual and customary restrictions and covenants
relating to, among other things, insurance, and other indebtedness. In addition, the terms of the loans include a cross-default provision
whereby the Small Business Administration may, in its discretion, without notice or demand require immediate payment of all amounts outstanding
under the loans.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Future Debt Maturities</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">As of September&nbsp;30,
2024, the future aggregate principal repayments due on the Company&rsquo;s notes payable are as follows (in thousands):</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">Year</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Amount</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 82%">October&nbsp;1, 2024 - December&nbsp;31, 2024</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 15%; font: 10pt Times New Roman, Times, Serif; text-align: right">4,618</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">2025</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">7,170</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">2026</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">557</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">2027</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">17,046</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">2028</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">64</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Thereafter</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">4,551</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt">Total</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">34,006</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Deferred Financing Costs</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amortization
of deferred financing costs was immaterial during the </font>three months ended September&nbsp;30, 2024 and $0.3 million during the nine
months ended September&nbsp;30, 2024. Amortization of deferred financing costs was $0.4 million and $1.1 million during the three and
nine months ended September&nbsp;30, 2023, respectively. There were no deferred financing cost write-offs during each of the three and
nine months ended September&nbsp;30, 2024 and 2023.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Note 7 &ndash; Related Party Transactions</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Related Party Transactions of the Company</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Platform Revenues</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
table below shows the total revenues earned for providing services under Platform as described in the Revenue Recognition section of
Note 2 &ndash; Summary of Significant Accounting Policies for the </font>three and nine months ended September&nbsp;30, 2024 and 2023.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="white-space: nowrap; font-size: 10pt">&nbsp;</td><td style="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="6" style="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Three
    Months Ended September&nbsp;30,</td><td style="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td><td style="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="6" style="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Nine
    Months Ended September&nbsp;30,</td><td style="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">2023</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">2023</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 40%">Fund management fees</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 12%; font: 10pt Times New Roman, Times, Serif; text-align: right">2,992</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 12%; font: 10pt Times New Roman, Times, Serif; text-align: right">1,651</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 12%; font: 10pt Times New Roman, Times, Serif; text-align: right">6,902</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 12%; font: 10pt Times New Roman, Times, Serif; text-align: right">4,178</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Financing fees</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">334</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">50</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">387</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">176</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Development and construction fees</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">3,085</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">424</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">4,817</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,409</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Brokerage fees</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">119</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">191</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">820</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">483</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Total asset management</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">6,530</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">2,316</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">12,926</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">6,246</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left">Performance allocations</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">175</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">36</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">357</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">2,474</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.375in; text-align: left">Total related party Platform revenue</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">6,705</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">2,352</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">13,283</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">8,720</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of September&nbsp;30, 2024 and December&nbsp;31, 2023, amounts due to the Company from related parties for services performed under the
Platform was </font>$10.8&nbsp;million and $7.8&nbsp;million, respectively, which is included in due from related parties on the accompanying
consolidated balance sheets.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Notes Receivable</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company entered into
unsecured promissory notes with related parties. No payments are required prior to the maturity of the notes. The notes may be prepaid
in whole, or in part, without penalty.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The following table summarizes
the notes receivable &ndash; related parties as of September&nbsp;30, 2024 and December&nbsp;31, 2023 (in thousands):</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif">Notes Receivable -
    Related Parties</td><td style="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">September&nbsp;30,
    2024</td><td style="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td><td style="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">December&nbsp;31,
    2023</td><td style="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td><td style="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Interest
    Rate <sup>(1)</sup></b></font></td><td style="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td><td style="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Maturity
    Date <sup>(1)</sup></b></font></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 40%; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Caliber
    Hospitality LP <sup>(2)</sup></font></td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 12%; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 12%; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="width: 12%; font: 10pt Times New Roman, Times, Serif; text-align: right">12.00</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 14%; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 2.65pt">September&nbsp;2025</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Olathe Behavioral Health</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">25</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">12.00</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 2.65pt">May&nbsp;2025</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">DFW Behavioral Health LLC</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">25</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">14.00</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; padding-left: 2.65pt">May&nbsp;2025</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt">Total Notes Receivable - Related Parties</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">50</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left">(1)</td><td style="text-align: justify">As of September&nbsp;30,
                                            2024.</td>
</tr>
<tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left">(2)</td><td style="text-align: justify">During the nine months
                                            ended September&nbsp;30, 2024, the Company deconsolidated Caliber Hospitality, LP and the
                                            Caliber Hospitality Trust, which included activity from six hospitality funds.</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the </font>three and nine months ended September&nbsp;30, 2024, the Company earned $0.1 million and $0.2 million amount of interest in
connection with the notes, which is included in interest income on the accompanying consolidated statements of operations. During the
three and nine months ended September&nbsp;30, 2023, the Company earned an immaterial amount of interest in connection with the notes,
which is included in interest income on the accompanying consolidated statements of operations. Interest that accrues on certain related
party notes receivable can be added to the principal outstanding balance, due at the respective loan maturity date and incurs interest
at the respective interest rate. There was an immaterial amount of interest due to the Company as of September&nbsp;30, 2024 and December&nbsp;31,
2023.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Other</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the normal course of business, the Company has various amounts due from and/or due to related parties, including affiliate entities and
individuals, for various expenses paid for by the Company on their behalf and other charges. These amounts are generally unsecured, interest-free,
and due on demand. As of September&nbsp;30, 2024 and December&nbsp;31, 2023, other amounts due from related parties was </font>$1.5&nbsp;million
and $1.9&nbsp;million, respectively, which is included in due from related parties on the accompanying consolidated balance sheets. As
of September&nbsp;30, 2024 and December&nbsp;31, 2023, other amounts due to related parties from the Company were $0.2&nbsp;million and
$0.3&nbsp;million, respectively, which are included in due to related parties on the accompanying consolidated balance sheets.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Related Party Transactions of the Consolidated
Funds</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Notes Receivable</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The consolidated funds entered
into unsecured promissory notes with related parties. The notes may be repaid in whole, or in part, without penalty. The notes receivable
 &ndash; related parties consisted of the following as of September&nbsp;30, 2024 and December&nbsp;31, 2023 (in thousands):</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif">Notes Receivable -
    Related Parties</td><td style="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center">September&nbsp;30,
    2024</td><td style="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td><td style="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center">December&nbsp;31,
    2023</td><td style="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td><td style="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Interest
    Rate<sup>(1)</sup></b></font></td><td style="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td><td style="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Maturity
    Date<sup>(1)</sup></b></font></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 40%; text-align: left">SF Alaska, LP</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 12%; font: 10pt Times New Roman, Times, Serif; text-align: right">16,903</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 12%; font: 10pt Times New Roman, Times, Serif; text-align: right">14,976</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="width: 12%; font: 10pt Times New Roman, Times, Serif; text-align: right">12.00</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 14%; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 2.65pt">May&nbsp;2025</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">The Ketch, LLC</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">8,548</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">7,198</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">12.00</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 2.65pt">May&nbsp;2026</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Circle Lofts, LLC</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">2,017</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,797</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">12.00</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 2.65pt">May&nbsp;2026</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Elliot&nbsp;&amp;
    51st Street, LLC <sup>(2)</sup></font></td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">15,116</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">13.00</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 2.65pt">September&nbsp;2025</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Elliot&nbsp;&amp;
    51st Street, LLC <sup>(2)</sup></font></td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,420</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">12.00</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 2.65pt">April&nbsp;2026</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">J-25 Development Group, LLC</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">133</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">4,804</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">12.00</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 2.65pt">May&nbsp;2026</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Caliber Diversified Opportunity Fund II, LP</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">12</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">109</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">12.00</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 2.65pt">September&nbsp;2025</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Ridge II, LLC</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,151</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">846</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">12.00</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 2.65pt">December&nbsp;2024</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Ironwood, LLC</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">4,548</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">2,703</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">13.00</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 2.65pt">September&nbsp;2025</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">47th Street Phoenix Fund, LLC</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">92</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">12.00</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 2.65pt">May&nbsp;2025</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Southridge, LLC</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">2,187</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">13.00</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 2.65pt">July&nbsp;2025</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Caliber
    Hospitality, LP <sup>(2)</sup></font></td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">2,870</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">12.00</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 2.65pt">June&nbsp;2025</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Caliber
    Hospitality, LP <sup>(2)</sup></font></td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">3,900</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">12.00</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 2.65pt">September&nbsp;2026</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Blue Spruce, LLC</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">224</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">13.00</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 2.65pt">January&nbsp;2026</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">West Ridge, LLC</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">1,299</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">12.00</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; padding-left: 2.65pt">March&nbsp;2026</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt">Total Notes Receivable - Related Parties</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">58,233</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">34,620</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left">(1)</td><td style="text-align: justify">As of September&nbsp;30,
                                            2024.</td>
</tr>
<tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left">(2)</td><td style="text-align: justify">During the nine months
                                            ended September&nbsp;30, 2024, the Company deconsolidated Caliber Hospitality, LP and the
                                            Caliber Hospitality Trust, which included activity from six hospitality funds, and Elliot.</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the </font>three and nine months ended September&nbsp;30, 2024, the consolidated fund earned $1.7 million and $4.3 million, respectively,
and during the three and nine months ended September&nbsp;30, 2023, the consolidated fund earned $0.9 million and $2.7 million, respectively,
of interest in connection with the notes, which is included in consolidated funds &ndash; other revenues on the accompanying consolidated
statements of operations. Interest that accrues on certain related party notes receivable, in which the consolidated fund and respective
borrower mutually agreed, is added to the principal outstanding balance, due at the respective loan maturity date and incurs interest
at the respective interest rate. Interest due to the Company was $0.1 million as of September&nbsp;30, 2024, which was included in prepaid
and other assets on the accompanying consolidated balance sheets. No interest was due to the Company as of December&nbsp;31, 2023.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b><i>Notes Payable</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
December&nbsp;31, 2023, Caliber Hospitality, LP had aggregate notes payable outstanding of $12.1&nbsp;million to Caliber Tax Advantage
Opportunity Zone Fund, LP and Caliber Tax Advantaged Opportunity Zone Fund II, LLC. During the </font>nine months ended September&nbsp;30,
2024, the Company deconsolidated Caliber Hospitality, LP and the Caliber Hospitality Trust. The Company also deconsolidated Elliot during
the nine months ended September&nbsp;30, 2024. Southpointe borrowed and paid back $0.5&nbsp;million from Elliot during the nine months
ended September&nbsp;30, 2024. See discussion of deconsolidations in Note 3 &ndash; VIEs.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the </font>three months ended September&nbsp;30, 2024, the consolidated funds did not incur interest expense in connection with the notes
payable &ndash; related parties. During the nine months ended September&nbsp;30, 2024, the consolidated funds incurred $0.3 million and
during three and nine months ended September&nbsp;30, 2023, the consolidated funds earned $0.3&nbsp;million and $0.8&nbsp;million, respectively,
of interest expense in connection with the notes payable &ndash; related parties, which is included in consolidated funds &ndash; hospitality
expenses and consolidated funds &ndash; other expenses on the accompanying consolidated statements of operations. As of December&nbsp;31,
2023, there was $0.1&nbsp;million of interest expense payable which is included in due to related parties on the accompanying consolidated
balance sheets.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Other</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the normal course of business, the consolidated funds have various amounts due from and/or due to related parties, including affiliate
entities and individuals, for various expenses paid by the funds on their behalf and other charges. These amounts are generally unsecured,
interest-free, and due on demand. As of September&nbsp;30, 2024, other amounts due from related parties was </font>$0.1&nbsp;million
and as of December&nbsp;31, 2023, there were an immaterial amount of other amounts due from related parties, which is included in prepaid
and other assets on the accompanying consolidated balance sheets. As of September&nbsp;30, 2024 and December&nbsp;31, 2023, there was
an immaterial amount of other amounts due to related parties, which is included in due to related parties on the accompanying consolidated
balance sheets.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Note 8 &ndash; Leases</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Lessor - Company</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rental
revenue of the Company includes the revenues generated by the rental operations of </font>one commercial office property, which was acquired
in January&nbsp;2023. As of September&nbsp;30, 2024, the leases have non-cancelable remaining lease terms from 0.4 years to 9.8 years.
Certain leases contain options to extend the term of the lease and impose financial penalties, including paying all future payments required
under the remaining term of the lease, if the tenant terminates the lease. The leases do not contain any lessee purchase options. As
of September&nbsp;30, 2024, the Company does not have any material related party leases as a lessor. The components of rental revenue
for the three and nine months ended September&nbsp;30, 2024 and 2023, are presented in the table below (in thousands). Variable rental
revenue is primarily costs reimbursed related to common area maintenance.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="white-space: nowrap; font-size: 10pt">&nbsp;</td><td style="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="6" style="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Three
    Months Ended September&nbsp;30,</td><td style="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td><td style="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="6" style="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Nine
    Months Ended September&nbsp;30,</td><td style="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">2023</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">2023</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 40%">Fixed</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 12%; font: 10pt Times New Roman, Times, Serif; text-align: right">436</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 12%; font: 10pt Times New Roman, Times, Serif; text-align: right">436</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 12%; font: 10pt Times New Roman, Times, Serif; text-align: right">1,314</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 12%; font: 10pt Times New Roman, Times, Serif; text-align: right">1,172</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">Variable</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">71</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">7</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">219</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">18</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">Total</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">507</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">443</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">1,533</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">1,190</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Future minimum lease payments
due to the Company under non-cancellable operating leases over the next five years and thereafter as of September&nbsp;30, 2024, are
as follows (in thousands):</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">Year</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Amount</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 82%">October&nbsp;1, 2024 - December&nbsp;31, 2024</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 15%; font: 10pt Times New Roman, Times, Serif; text-align: right">365</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">2025</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,337</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">2026</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,207</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">2027</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">573</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">2028</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">299</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Thereafter</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">1,370</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt">Total</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">5,151</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Lessor - Consolidated Funds</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rental
revenue of the consolidated funds includes the revenues generated primarily by the rental operations of </font>two multi-family residential
properties, including Circle Lofts, which was deconsolidated during the year ended December&nbsp;2023, and two commercial properties,
including Northsight Crossing, which was sold in October&nbsp;2023 and DT Mesa, which was deconsolidated in September&nbsp;2024. As of
September&nbsp;30, 2024, the leases have non-cancelable remaining lease terms from 0.1 years to 1.0 years. Certain leases contain options
to extend the term of the lease and impose financial penalties, including paying all future payments required under the remaining term
of the lease, if the tenant terminates the lease. The leases do not contain any lessee purchase options. As of September&nbsp;30, 2024,
the consolidated funds do not have any material related party leases as a lessor. The components of rental revenue for the three and
nine months ended September&nbsp;30, 2024 and 2023 (in thousands) are presented in the table below. Variable rental revenue are primarily
costs reimbursed related to common area maintenance.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="6" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Three Months
    Ended September&nbsp;30,</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="6" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Nine Months
    Ended September&nbsp;30,</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">2023</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">2023</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 40%">Fixed</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 12%; font: 10pt Times New Roman, Times, Serif; text-align: right">237</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 12%; font: 10pt Times New Roman, Times, Serif; text-align: right">1,030</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 12%; font: 10pt Times New Roman, Times, Serif; text-align: right">870</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 12%; font: 10pt Times New Roman, Times, Serif; text-align: right">3,014</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">Variable</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">152</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">146</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">423</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">493</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">Total</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">389</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">1,176</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">1,293</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">3,507</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Future minimum lease payments
due to the consolidated funds under non-cancellable operating leases over the next five years and thereafter as of September&nbsp;30,
2024, are as follows (in thousands):</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; text-align: left; font: bold 10pt Times New Roman, Times, Serif">Year</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Amount</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 82%">October&nbsp;1, 2024 - December&nbsp;31, 2024</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 15%; font: 10pt Times New Roman, Times, Serif; text-align: right">98</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">2025</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">162</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">2026</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">2027</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">2028</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Thereafter</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt">Total</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">260</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Note 9 &ndash; Other Liabilities</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Other Liabilities of the Company</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Other liabilities consisted
of the following as of September&nbsp;30, 2024 and December&nbsp;31, 2023 (in thousands):</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="white-space: nowrap; font-size: 10pt">&nbsp;</td><td style="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">September&nbsp;30,
    2024</td><td style="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td><td style="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">December&nbsp;31,
    2023</td><td style="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 66%; text-align: left">Below market leases, net</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 14%; font: 10pt Times New Roman, Times, Serif; text-align: right">51</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 14%; font: 10pt Times New Roman, Times, Serif; text-align: right">171</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Tenant improvement allowance</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">21</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">99</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deposits
    <sup>(1)</sup></font></td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">154</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">113</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">Other</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">537</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">37</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt">Total other
    liabilities</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">763</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">420</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<!-- Field: Rule-Page --><div style="margin-top: 0pt; margin-bottom: 0pt; width: 25%"><div style="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(1)</sup></font></td><td style="text-align: justify">Includes
                                            tenant security deposits.</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Other Liabilities of the Consolidated Funds</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Other liabilities of the
consolidated funds consisted of the following as of September&nbsp;30, 2024 and December&nbsp;31, 2023 (in thousands):</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="white-space: nowrap; font-size: 10pt">&nbsp;</td><td style="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">September&nbsp;30,
    2024</td><td style="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td><td style="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">December&nbsp;31,
    2023</td><td style="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 66%; text-align: left">Advance key money, net</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 14%; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 14%; font: 10pt Times New Roman, Times, Serif; text-align: right">825</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deposits
    <sup>(1)</sup></font></td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">223</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">531</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Sales tax payable</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">112</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">674</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">Other</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">352</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">370</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt">Total other
    liabilities</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">687</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">2,400</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(1)</sup></font></td><td style="text-align: justify">Includes
                                            hotel advance deposits and tenant security and pet deposits.</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Note 10 &ndash; Supplemental Cash Flow Disclosures</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Supplemental cash flow information
consisted of the following for the nine months ended September&nbsp;30, 2024 and 2023 (in thousands):</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="6" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Nine Months
    Ended September&nbsp;30,</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">2023</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left">Supplemental Disclosure of Cash Flow Information</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; width: 66%; text-align: left">Cash paid for interest,
    none of which was capitalized for the nine months ended September&nbsp;30, 2024 and 2023, respectively</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 14%; font: 10pt Times New Roman, Times, Serif; text-align: right">3,878</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 14%; font: 10pt Times New Roman, Times, Serif; text-align: right">3,479</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left">Supplemental Disclosure of Cash Flow Information of Consolidated
    Funds</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Cash paid for interest, net of capitalized
    interest of $2 and $31 for the nine months ended September&nbsp;30, 2024 and 2023, respectively</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">5,252</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">10,493</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left">Supplemental Disclosures of Non-Cash Investing and Financing
    Activities</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Increase in note receivable - related
    party due to deconsolidation of VIEs</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">7,531</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Increase in accounts receivable - related
    party due to deconsolidation of VIEs</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">3,519</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Accounts receivable - related party
    eliminated in consolidation of VIEs</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,853</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Increase in investments in unconsolidated
    entities due to deconsolidation of VIEs</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">8,843</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Extinguishment of operating lease right-of-use
    assets</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,059</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Extinguishment of operating lease liabilities</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,340</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Cost of real estate investments included
    in accounts payable</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">14</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Investments in unconsolidated entities
    included in accrued expenses</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">44</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Issuance of common stock in lieu of
    cash payment for accounts payable</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">194</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left">Supplemental Disclosures of Non-Cash Investing and Financing
    Activities of Consolidated Funds</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Note receivable eliminated in consolidation</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">2,946</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Increase in note receivable - related
    party due to deconsolidation of VIEs</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">22,746</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Cost of real estate investments included
    in accounts payable</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">41</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">738</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Cost of real estate investments included
    in due to related parties</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">185</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Related party notes payable - non-cash
    settlement</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">2,531</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif">Consolidation of VIEs</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left">Real estate investments, net</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">86,402</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left">Accounts receivable, net</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">4,348</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left">Due from related parties</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">2</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left">Operating lease - right of use assets</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">8,775</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left">Prepaid and other assets</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">2,042</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left">Notes payable, net</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">80,449</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left">Notes payable - related parties</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">6,589</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left">Accounts payable and accrued expenses</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">8,148</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left">Due to related parties</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">28</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left">Operating lease liabilities</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">12,441</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left">Other liabilities</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">2,158</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left">Noncontrolling interests</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">33,732</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in">Deconsolidation of VIEs</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left">Real estate investments, net</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">137,571</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">74,061</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left">Accounts receivable, net</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">3,071</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">3,609</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left">Operating lease - right of use assets</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">10,324</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">8,775</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left">Prepaid and other assets</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">9,579</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,634</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left">Due from related parties</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">3</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">2</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left">Due to related parties</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,049</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">28</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left">Notes payable, net</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">94,261</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">68,500</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left">Notes payable - related parties</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">12,055</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,777</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left">Accounts payable and accrued expenses</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">11,324</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">7,038</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left">Operating lease liabilities</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">13,957</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">12,441</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left">Other liabilities</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,293</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,928</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left">Noncontrolling interests</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">16,360</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">21,957</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  </table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Note 11 &ndash; Commitments and Contingencies</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Commitments and Contingencies of the Company</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Environmental Matters</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In connection with the ownership
and operation of real estate assets, the Company may potentially be liable for costs and damages related to environmental matters. The
Company believes it is in material compliance with current laws and regulations and does not know of any existing environmental condition
nor has it been notified by any governmental authority of any non-compliance, liability or other claim, in each case, that could result
in a material effect on our financial condition or results of operations.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><b><i>Caliber Tax Advantaged Opportunity Fund
LP</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Caliber O-Zone Fund Manager,
LLC (the &ldquo;CTAF Fund Manager&rdquo;) is a wholly-owned subsidiary of the Company and general partner and manager of Caliber Tax
Advantaged Opportunity Fund LP (&ldquo;CTAF&rdquo;). In the event of a dissolution, winding-up, or termination, if the aggregate amount
received by the CTAF limited partners does not equal or exceed an amount equal to a 6% IRR for the limited partners, the CTAF Fund Manager
shall immediately contribute to CTAF funds in order to meet this minimum requirement for payment to the CTAF limited partners. As of
September&nbsp;30, 2024 and December&nbsp;31, 2023, the Company estimated fair value of CTAF was less than the 6% IRR for the limited
partners.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Caliber Tax Advantaged
Opportunity Fund II LLC</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Caliber O-Zone Fund II Manager,
LLC (the &ldquo;CTAF II Fund Manager&rdquo;) is a wholly-owned subsidiary of the Company and general partner and manager of Caliber Tax
Advantaged Opportunity Zone Fund II LLC (&ldquo;CTAF II&rdquo;). In the event of a dissolution, winding-up, or termination, if the aggregate
amount received by the CTAF II investor members does not equal or exceed an amount equal to a 6% IRR for the investor members, the CTAF
II Fund Manager shall immediately contribute to CTAF II funds in order to meet this minimum requirement for payment to the CTAF II investor
members. As of September&nbsp;30, 2024 and December&nbsp;31, 2023, the Company estimated fair value of CTAF was less than the 6% IRR
for the investor members.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Commitments and Contingencies of the Consolidated
Funds</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Franchise Agreements</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
hospitality funds consolidated during the three and nine months ended September&nbsp;30, 2024 and 2023,</font> are parties to franchise
agreements where the fund is required to pay monthly fees, consisting of royalty, program, and food and beverage fees. At September&nbsp;30,
2024, the consolidated hospitality fund is a party to a franchise agreement that expires in November&nbsp;2026. The consolidated funds
recognized total franchise fees of $0.2&nbsp;million and $2.7&nbsp;million for the three and nine months ended September&nbsp;30, 2024,
respectively, and $0.8&nbsp;million, and $3.5&nbsp;million for the three and nine months ended September&nbsp;30, 2023, respectively.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Note 12 &ndash; Net Income (Loss) Per Share</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Basic earnings per common
share is calculated by dividing net income (loss) attributable to common stockholders by the weighted average common shares outstanding
during the period. Diluted earnings per share is calculated by dividing net income attributable to common shareholders by the weighted-average
number of shares outstanding plus the dilutive impact of all potential dilutive common shares, consisting of stock options and warrants
using the treasury stock method, and convertible debt and preferred stock using the if-converted method.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company considered the
two-class method in calculating the basic and diluted earnings per share; however, it was determined there was no impact to the calculation
of basic and diluted net income (loss) per share attributable to common shareholders as Class&nbsp;A and Class&nbsp;B common stock share
in the same earnings and profits; thus, having no impact on the calculation.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company has calculated
the basic and diluted earnings per share during the three and nine months ended September&nbsp;30, 2024 and 2023 as follows (in thousands,
except per share data):</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="6" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Three Months
    Ended<br>
    September&nbsp;30,</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="6" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Nine Months
    Ended<br>
    September&nbsp;30,</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">2023</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">2023</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif">Numerator:</td><td style="font-size: 10pt">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; width: 40%; text-align: left">Net income (loss) attributable
    to CaliberCos Inc.</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 12%; font: 10pt Times New Roman, Times, Serif; text-align: right">146</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 12%; font: 10pt Times New Roman, Times, Serif; text-align: right">(3,409</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 12%; font: 10pt Times New Roman, Times, Serif; text-align: right">(8,389</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 12%; font: 10pt Times New Roman, Times, Serif; text-align: right">(10,342</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left; padding-bottom: 1pt">Convertible debt
    interest</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">21</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">15</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">64</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">16</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.375in; text-align: left; padding-bottom: 2.5pt">Net income (loss)
    attributable to common shareholders of CaliberCos Inc.</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">167</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(3,394</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(8,325</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(10,326</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif">Denominator:</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif">Weighted average shares outstanding - basic</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">22,128</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">21,238</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">21,828</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">19,688</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left">Dilutive shares - options, net</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">2,571</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left; padding-bottom: 1pt">Dilutive shares
    - convertible debt, net</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">168</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">Weighted average shares outstanding
    - diluted</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">24,867</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">21,238</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">21,828</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">19,688</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt">Basic net income (loss) per share attributable
    to common shareholders</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">0.01</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(0.16</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(0.38</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(0.53</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt">Diluted net income (loss) per share
    attributable to common shareholders</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">0.01</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(0.16</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(0.38</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(0.53</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The number of antidilutive
shares consisted of the potential exercise of stock options and potential conversion of convertible debt. The following table summarizes
these potential exercises and conversions during the three and nine months ended September&nbsp;30, 2024 and 2023, which have been excluded
from the computation of diluted earnings per share attributable to common shareholders (in thousands):</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="6" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Three Months
    Ended<br>
    September&nbsp;30,</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="6" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Nine Months
    Ended<br>
    September&nbsp;30,</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">2023</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">2023</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 40%; text-align: left">Additional common shares, if stock options were
    exercised</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="width: 12%; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="width: 12%; font: 10pt Times New Roman, Times, Serif; text-align: right">2,129</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="width: 12%; font: 10pt Times New Roman, Times, Serif; text-align: right">2,122</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="width: 12%; font: 10pt Times New Roman, Times, Serif; text-align: right">2,133</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Additional common shares, if convertible
    debt were converted</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">175</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">168</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">175</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">2,304</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">2,290</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">2,308</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  </table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Note 13 &ndash; Fair Value of Financial Instruments</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Fair Value of Financial Instruments of the
Company</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Fair values of financial
instruments held by the Company are estimated using available market information and established valuation methodologies. Accordingly,
the estimates presented are not necessarily indicative of the amounts the Company could realize on disposition of the financial instruments.
The use of different market assumptions and/or valuation methodologies may have a material effect on the estimated fair value amounts.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Financial instruments that
approximate fair value due to the short-term nature of the instruments consist of cash, restricted cash, accounts receivable, and accounts
payable. The fair values of debt have been estimated based on current rates available for similar instruments with similar terms, maturities,
and collateral. The fair value of the Company&rsquo;s fixed rate debt were measured with Level 2 inputs. The estimated fair value of
the Company&rsquo;s real estate loan was determined by management based on a discounted future cash-flow model. As of September&nbsp;30,
2024, the Company&rsquo;s real estate loan had a carrying value of $16.0&nbsp;million and a fair value of $9.9&nbsp;million. As of December&nbsp;31,
2023, the Company&rsquo;s real estate loan had a carrying value of $16.2&nbsp;million and a fair value of $9.5&nbsp;million.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Fair Value of Financial Instruments of the
Consolidated Funds</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Fair values of financial
instruments held by consolidated funds are estimated using available market information and established valuation methodologies. Accordingly,
the estimates presented are not necessarily indicative of the amounts the consolidated funds could realize on disposition of the financial
instruments. The use of different market assumptions and/or valuation methodologies may have a material effect on the estimated fair
value amounts.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Financial instruments that
approximate fair value due to the short-term nature of the instruments consist of cash, restricted cash, accounts receivable, and accounts
payable. The fair values of debt, advance key money, and interest rate caps have been estimated based on current rates available for
similar instruments with similar terms, maturities, and collateral. The carrying values of the consolidated funds&rsquo; variable rate
debt and advance key money as of September&nbsp;30, 2024 and December&nbsp;31, 2023, approximated fair value. The fair value of the consolidated
funds&rsquo; fixed rate debt were measured with Level 2 inputs. The estimated fair values for the instruments below were determined by
management based on a discounted future cash-flow model (in thousands).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td style="font-size: 10pt">&nbsp;</td>
<td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
<td colspan="6" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">September&nbsp;30,
2024</td>
<td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td>
<td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
<td colspan="6" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">December&nbsp;31,
2023</td>
<td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif">Note Payable</td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
<td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><b>Carrying<br>
 Value</b></td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
<td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
<td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Fair Value</td>
<td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
<td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><b>Carrying <br>
Value</b></td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
<td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
<td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Fair Value</td>
<td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font: 10pt Times New Roman, Times, Serif; width: 40%; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hampton
Inn&nbsp;&amp; Suites Hotel <sup>(1)</sup></font></td>
<td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
<td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td>
<td style="width: 12%; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td>
<td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td>
<td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
<td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td>
<td style="width: 12%; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td>
<td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td>
<td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
<td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td>
<td style="width: 12%; font: 10pt Times New Roman, Times, Serif; text-align: right">5,939</td>
<td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td>
<td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
<td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td>
<td style="width: 12%; font: 10pt Times New Roman, Times, Serif; text-align: right">4,762</td>
<td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Southpointe Fundco, LLC</td>
<td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,050</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right">994</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,050</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,050</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tucson
East, LLC <sup>(1)</sup></font></td>
<td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right">11,901</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right">11,067</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">West Frontier, LLC</td>
<td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right">4,776</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right">3,601</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right">4,636</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right">3,795</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
</table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<!-- Field: Rule-Page --><div style="margin-bottom: 3pt; width: 25%"><div style="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(1)</sup></font></td><td style="text-align: justify">During
                                            the nine months ended September&nbsp;30, 2024, the Company deconsolidated Caliber Hospitality,
                                            LP and the Caliber Hospitality Trust, which included activity from six hospitality funds.</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Note 14 &ndash; Derivative Instruments</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Risk Management Objective of Using Derivatives</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The consolidated funds utilize
derivative instruments, including interest rate caps and swaps, to reduce interest rate risk associated with its borrowings. Our consolidated
funds do not intend to utilize derivatives for purposes other than interest rate risk management.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Derivatives Designated as Hedging Instruments</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As of September&nbsp;30, 2024 and December&nbsp;31,
2023, the Company did not have any derivatives designated as hedging instruments.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Derivatives Not Designated as Hedging Instruments</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The consolidated funds have
entered into interest rate caps and swaps. The following table summarizes the consolidated funds non-designated derivatives as of September&nbsp;30,
2024 and December&nbsp;31, 2023 (dollar amounts in thousands):</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="6" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">September&nbsp;30,
    2024</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="6" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">December&nbsp;31,
    2023</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Type of Derivative</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Number
    of<br> Instruments</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Notional
    <br> Amount</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Number
    of<br> Instruments</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Notional<br>
    Amount</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 48%; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest
    rate swap <sup>(1)</sup></font></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">1</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">18,418</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest
    rate cap <sup>(2)</sup></font></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">55,000</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">Total</td><td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">73,418</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The following table presents
the fair value of the consolidated funds&rsquo; non-designated derivatives, as well as their classification on the consolidated balance
sheets, as of September&nbsp;30, 2024 and December&nbsp;31, 2023 (in thousands):</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Type of Derivative</td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Balance Sheet Location</td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">September&nbsp;30,
    2024</td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">December&nbsp;31,
    2023</td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 25%; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest
    rate swap <sup>(1)</sup></font></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 26%; text-align: left">Consolidated funds - Prepaid and other assets</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 21%; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 21%; text-align: right">1,206</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest
    rate cap <sup>(2)</sup></font></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Consolidated funds - Prepaid and other
    assets</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">10</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">Total</td><td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">1,216</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The following table presents
the gain or loss recognized in consolidated funds - hospitality expenses in the consolidated statements of operations for three and nine
months ended September&nbsp;30, 2024 and 2023 (in thousands):</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-align: center; font-size: 10pt">&nbsp;</td><td style="text-align: center; font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="text-align: center; font-size: 10pt"><b>Statement of</b></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="6" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Three Months
    Ended <br>
    September&nbsp;30,</td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="6" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Nine Months
    Ended <br>
    September&nbsp;30,</td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt">&nbsp;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Type of Derivative</td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Operations Location</td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2024</td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2023</td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2024</td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2023</td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 23%; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest
    rate swap <sup>(1)</sup></font></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 24%; text-align: left">Consolidated funds - hospitality expenses</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">148</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">346</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">130</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest
    rate cap <sup>(2)</sup></font></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Consolidated funds - hospitality expenses</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(64</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(35</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(16</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">Total</td><td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">84</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">311</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">114</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</td></tr>
  </table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)&nbsp;
During the </font>nine months ended September&nbsp;30, 2024, the interest rate swap was terminated.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">(2)&nbsp;During
the nine months ended September&nbsp;30, 2024, the Company deconsolidated Caliber Hospitality, LP and the Caliber Hospitality Trust,
which included activity from six hospitality funds.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Note 15 &ndash; Subsequent Events</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management
has evaluated events and transactions that occurred after September&nbsp;30, 2024 through November&nbsp;13, 2024, the date these consolidated
financial statement were available to be issued. There were no material events or transactions in addition to those matters discussed
in Note 6 &ndash; Notes Payable</font>.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><a name="spF-006"></a><b>REPORT OF INDEPENDENT
REGISTERED PUBLIC ACCOUNTING FIRM</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">To the shareholders and the Board of Directors of CaliberCos Inc.
and subsidiaries</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Opinion on the Financial Statements</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have audited the accompanying consolidated
balance sheets of CaliberCos Inc. and subsidiaries (the &quot;Company&quot;) as of December&nbsp;31, 2023 and 2022, the related consolidated
statements of operations, stockholders' equity, and cash flows, for each of the two years in the period ended December&nbsp;31, 2023,
and the related notes (collectively referred to as the &quot;financial statements&quot;). In our opinion, the financial statements present
fairly, in all material respects, the financial position of the Company as of December&nbsp;31, 2023 and 2022, and the results of its
operations and its cash flows for each of the two years in the period ended December&nbsp;31, 2023, in conformity with accounting principles
generally accepted in the United States of America.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Basis for Opinion</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">These financial statements are the responsibility
of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We
are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to
be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules&nbsp;and regulations
of the Securities and Exchange Commission and the PCAOB.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We conducted our audits in accordance with the
standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged
to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding
of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company&rsquo;s
internal control over financial reporting. Accordingly, we express no such opinion.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our audits included performing procedures to
assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that
respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial
statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well
as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ <i>DELOITTE&nbsp;&amp; TOUCHE LLP</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Tempe, Arizona</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">April&nbsp;15, 2024</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have served as the Company's auditor since 2020.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>CALIBERCOS INC. AND SUBSIDIARIES</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><a name="spF-007"></a><b>CONSOLIDATED BALANCE
SHEET</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>(AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA)</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font-size: 10pt">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">December&nbsp;31,
    2023</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">December&nbsp;31,
    2022</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Assets</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; width: 66%">Cash</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right">940</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right">1,921</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Restricted cash</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">2,569</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">23</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Real estate
    investments, net</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">21,492</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">2,065</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Due from related
    parties</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">9,759</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">9,646</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Investments
    in unconsolidated entities</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">3,338</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">3,156</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Operating lease
    - right of use assets</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">193</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,411</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Prepaid and
    other assets</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">2,781</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">5,861</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: italic 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in; text-align: left">Assets
    of consolidated funds</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif">Cash</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">2,865</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">5,736</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Restricted cash</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">11,266</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">8,254</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Real estate
    investments, net</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">185,636</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">196,177</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Accounts receivable,
    net</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,978</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">2,228</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Notes receivable&nbsp;-
    related parties</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">34,620</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">28,229</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Operating lease
    - right of use assets</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">10,318</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">8,769</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Prepaid
    and other assets</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">11,677</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">5,358</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in; text-align: left; padding-bottom: 2.5pt">Total
    assets</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">299,432</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">278,834</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Liabilities
    and Stockholders&rsquo; Equity</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Notes payable</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">53,799</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">14,653</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Notes payable
    - related parties</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">365</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Accounts payable
    and accrued expenses</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">8,886</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">6,374</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Buyback obligation</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">12,391</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Due to related
    parties</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">257</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">171</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Operating lease
    liabilities</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">119</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,587</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Other liabilities</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">420</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">64</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: italic 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in; text-align: left">Liabilities
    of consolidated funds</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Notes payable,
    net</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">129,684</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">134,256</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Notes payable
    - related parties</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">12,055</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">6,973</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Accounts payable
    and accrued expenses</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">11,736</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">9,252</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Due to related
    parties</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">101</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">68</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Operating lease
    liabilities</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">13,957</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">12,461</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Other
    liabilities</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">2,400</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">3,030</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Total liabilities</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">233,414</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">201,645</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>

<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left; width: 66%">Commitments
    and Contingencies</td><td style="font-size: 10pt; width: 1%">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left; width: 1%">&nbsp;</td><td style="font-size: 10pt; text-align: right; width: 14%">&nbsp;</td><td style="font-size: 10pt; text-align: left; width: 1%">&nbsp;</td><td style="font-size: 10pt; width: 1%">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left; width: 1%">&nbsp;</td><td style="font-size: 10pt; text-align: right; width: 14%">&nbsp;</td><td style="font-size: 10pt; text-align: left; width: 1%">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Preferred stock,
    $0.001 par value; 22,500,000 authorized and no shares issued and outstanding as of December&nbsp;31, 2023 and 12,500,000 shares authorized
    and 1,651,302 shares of Series&nbsp;B Preferred Stock issued and outstanding as of December&nbsp;31, 2022</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Common stock
    Class&nbsp;A, $0.001 par value; 100,000,000 shares authorized, 13,872,671 and 10,790,787 shares issued and outstanding as of December&nbsp;31,
    2023 and December&nbsp;31, 2022, respectively</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">14</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">11</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif">Common stock Class&nbsp;B, $0.001
    par value; 15,000,000 shares authorized, 7,416,414 shares issued and outstanding as December&nbsp;31, 2023 and December&nbsp;31,
    2022</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">7</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">7</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Paid-in capital</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">39,432</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">33,108</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>

<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left; width: 66%">Less
    treasury stock, at cost, 277,342 shares repurchased and 3,432,351 forward repurchase shares as of December&nbsp;31, 2022. As of December&nbsp;31,
    2023, there were 318,957 shares repurchased and no forward repurchase shares</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 1%">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 14%">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 1%">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 1%">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 14%">(13,626</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 1%">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Accumulated
    deficit</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(36,830</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(22,709</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Stockholders&rsquo;
    equity (deficit) attributable to CaliberCos Inc.</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">2,623</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(3,209</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Stockholders&rsquo;
    equity attributable to noncontrolling interests</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">63,395</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">80,398</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Total
    stockholders&rsquo; equity</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">66,018</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">77,189</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt">Total
    liabilities and stockholders&rsquo; equity</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">299,432</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">278,834</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</td></tr>
  </table>
<p style="margin: 0">&nbsp;</p>

<p style="text-align: center; margin-top: 0; margin-bottom: 0"><font style="font-size: 10pt">The accompanying notes are an integral part
of these consolidated financial statements.</font></p>

<p style="margin: 0">&nbsp;</p>

<p style="margin: 0"></p>

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<p style="margin: 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>CALIBERCOS INC. AND SUBSIDIARIES</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><a name="spF-008"></a><b>CONSOLIDATED STATEMENTS
OF OPERATIONS</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>(AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA)</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="6" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Years Ended
    December&nbsp;31,</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2023</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2022</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif">Revenues</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; width: 66%; text-align: left">Asset management revenues</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right">10,571</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right">15,344</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Performance allocations</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">3,639</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">2,543</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Consolidated funds &ndash; hospitality
    revenues</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">68,905</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">59,564</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Consolidated funds
    &ndash; other revenues</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">7,822</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">6,505</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left; padding-bottom: 1pt">Total revenues</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">90,937</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">83,956</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: bold 10pt Times New Roman, Times, Serif">Expenses</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Operating costs</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">21,311</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">14,609</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">General and administrative</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">6,770</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">6,679</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Marketing and advertising</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,052</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,179</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Depreciation and amortization</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">550</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">58</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Consolidated funds &ndash; hospitality
    expenses</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">80,669</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">60,667</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Consolidated funds
    &ndash; other expenses</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">9,162</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">9,213</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left; padding-bottom: 1pt">Total expenses</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">119,514</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">92,405</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Consolidated funds - gain on sale of real estate investments</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">4,976</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">21,530</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Other income, net</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">374</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">326</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Gain on extinguishment of debt</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,421</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Interest income</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">350</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">178</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Interest expense</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(4,717</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(1,055</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left">Net (loss) income before income taxes</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(27,594</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">13,951</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Benefit from income taxes</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left">Net (loss) income</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(27,594</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">13,951</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Net (loss) income attributable to noncontrolling
    interests</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(14,891</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">11,931</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt">Net (loss) income attributable
    to CaliberCos Inc.</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(12,703</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">2,020</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt">Basic net (loss) income per share attributable
    to common stockholders</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(0.63</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">0.11</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt">Diluted net (loss) income per share
    attributable to common stockholders</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(0.63</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">0.11</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif">Weighted average common shares outstanding:</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">Basic</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">20,087</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">18,003</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">Diluted</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">20,087</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">19,822</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The accompanying notes are an integral part of
these consolidated financial statements.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>CALIBERCOS INC. AND SUBSIDIARIES</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><a name="spF-009"></a><b>CONSOLIDATED STATEMENTS
OF CHANGES IN STOCKHOLDERS&rsquo; EQUITY</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>(AMOUNTS IN THOUSANDS)</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td style="text-indent: -0.125in; padding-left: 0.25in; text-align: center; white-space: nowrap; font-size: 10pt"><font style="font-size: 7pt"><b>&nbsp;</b></font></td>
<td colspan="5" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><font style="font-size: 7pt"><b>Preferred
Stock</b></font></td>
<td style="text-align: center; white-space: nowrap; padding-bottom: 1pt; font-size: 10pt"><font style="font-size: 7pt"><b>&nbsp;</b></font></td>
<td colspan="11" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><font style="font-size: 7pt"><b>Common
Stock</b></font></td>
<td style="text-align: center; white-space: nowrap; padding-bottom: 1pt; font-size: 10pt"><font style="font-size: 7pt"><b>&nbsp;</b></font></td>
<td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><font style="font-size: 7pt"><b>&nbsp;</b></font></td>
<td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap; padding-bottom: 1pt"><font style="font-size: 7pt"><b>&nbsp;</b></font></td>
<td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><font style="font-size: 7pt"><b>&nbsp;</b></font></td>
<td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap; padding-bottom: 1pt"><font style="font-size: 7pt"><b>&nbsp;</b></font></td>
<td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"></td>
<td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap; padding-bottom: 1pt"><font style="font-size: 7pt"><b>&nbsp;</b></font></td>
<td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"></td>
<td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap; padding-bottom: 1pt"><font style="font-size: 7pt"><b>&nbsp;</b></font></td>
<td colspan="2" style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><font style="font-size: 7pt"><b>Total
 &nbsp;</b></font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap; padding-bottom: 1pt"><font style="font-size: 7pt"><b>&nbsp;</b></font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: -0.125in; padding-left: 0.25in; padding-bottom: 1pt; text-align: center; white-space: nowrap; font-size: 10pt"><font style="font-size: 7pt"><b>&nbsp;</b></font></td>
<td colspan="2" style="padding-bottom: 1pt; text-align: center; white-space: nowrap; font-size: 10pt"><font style="font-size: 7pt"><b>&nbsp;</b></font></td>
<td style="text-align: center; white-space: nowrap; padding-bottom: 1pt; font-size: 10pt"><font style="font-size: 7pt"><b>&nbsp;</b></font></td>
<td colspan="2" style="padding-bottom: 1pt; text-align: center; white-space: nowrap; font-size: 10pt"><font style="font-size: 7pt"><b>&nbsp;</b></font></td>
<td style="text-align: center; white-space: nowrap; padding-bottom: 1pt; font-size: 10pt"><font style="font-size: 7pt"><b>&nbsp;</b></font></td>
<td colspan="5" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; white-space: nowrap; text-align: center"><font style="font-size: 7pt"><b>Class&nbsp;A</b></font></td>
<td style="text-align: center; white-space: nowrap; padding-bottom: 1pt; font-size: 10pt"><font style="font-size: 7pt"><b>&nbsp;</b></font></td>
<td colspan="5" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; white-space: nowrap; text-align: center"><font style="font-size: 7pt"><b>Class&nbsp;B</b></font></td>
<td style="text-align: center; white-space: nowrap; padding-bottom: 1pt; font-size: 10pt"><font style="font-size: 7pt"><b>&nbsp;</b></font></td>
<td colspan="2" style="padding-bottom: 1pt; text-align: center; white-space: nowrap; font-size: 10pt"><font style="font-size: 7pt"><b>Paid
in</b></font></td>
<td style="text-align: center; white-space: nowrap; padding-bottom: 1pt; font-size: 10pt"><font style="font-size: 7pt"><b>&nbsp;</b></font></td>
<td colspan="2" style="padding-bottom: 1pt; text-align: center; white-space: nowrap; font-size: 10pt"><font style="font-size: 7pt"><b>Treasury</b></font></td>
<td style="text-align: center; white-space: nowrap; padding-bottom: 1pt; font-size: 10pt"><font style="font-size: 7pt"><b>&nbsp;</b></font></td>
<td colspan="2" style="text-align: center; white-space: nowrap; font-size: 10pt"><font style="font-size: 7pt"><b>Accumulated</b></font></td>
<td style="text-align: center; white-space: nowrap; padding-bottom: 1pt; font-size: 10pt"><font style="font-size: 7pt"><b>&nbsp;</b></font></td>
<td colspan="2" style="text-align: center; white-space: nowrap; font-size: 10pt"><font style="font-size: 7pt"><b>Noncontrolling</b></font></td>
<td style="text-align: center; white-space: nowrap; padding-bottom: 1pt; font-size: 10pt"><font style="font-size: 7pt"><b>&nbsp;</b></font></td>
<td colspan="2" style="text-align: center; white-space: nowrap; font-size: 10pt"><font style="font-size: 7pt"><b>Stockholders&rsquo;</b></font></td>
<td style="text-align: center; white-space: nowrap; padding-bottom: 1pt; font-size: 10pt"><font style="font-size: 7pt"><b>&nbsp;</b></font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: -0.125in; padding-left: 0.25in; padding-bottom: 1pt; text-align: center; white-space: nowrap; font-size: 10pt"><font style="font-size: 7pt"><b>&nbsp;</b></font></td>
<td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><font style="font-size: 7pt"><b>Shares</b></font></td>
<td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap; padding-bottom: 1pt"><font style="font-size: 7pt"><b>&nbsp;</b></font></td>
<td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><font style="font-size: 7pt"><b>Par
Value</b></font></td>
<td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap; padding-bottom: 1pt"><font style="font-size: 7pt"><b>&nbsp;</b></font></td>
<td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><font style="font-size: 7pt"><b>Shares</b></font></td>
<td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap; padding-bottom: 1pt"><font style="font-size: 7pt"><b>&nbsp;</b></font></td>
<td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><font style="font-size: 7pt"><b>Par
Value</b></font></td>
<td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap; padding-bottom: 1pt"><font style="font-size: 7pt"><b>&nbsp;</b></font></td>
<td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><font style="font-size: 7pt"><b>Shares</b></font></td>
<td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap; padding-bottom: 1pt"><font style="font-size: 7pt"><b>&nbsp;</b></font></td>
<td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><font style="font-size: 7pt"><b>Par
Value</b></font></td>
<td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap; padding-bottom: 1pt"><font style="font-size: 7pt"><b>&nbsp;</b></font></td>
<td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap; font-size: 10pt"><font style="font-size: 7pt"><b>Capital</b></font></td>
<td style="text-align: center; white-space: nowrap; padding-bottom: 1pt; font-size: 10pt"><font style="font-size: 7pt"><b>&nbsp;</b></font></td>
<td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap; font-size: 10pt"><font style="font-size: 7pt"><b>Stock</b></font></td>
<td style="text-align: center; white-space: nowrap; padding-bottom: 1pt; font-size: 10pt"><font style="font-size: 7pt"><b>&nbsp;</b></font></td>
<td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap; font-size: 10pt"><font style="font-size: 7pt"><b>Deficit</b></font></td>
<td style="text-align: center; white-space: nowrap; padding-bottom: 1pt; font-size: 10pt"><font style="font-size: 7pt"><b>&nbsp;</b></font></td>
<td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap; font-size: 10pt"><font style="font-size: 7pt"><b>Interests</b></font></td>
<td style="text-align: center; white-space: nowrap; padding-bottom: 1pt; font-size: 10pt"><font style="font-size: 7pt"><b>&nbsp;</b></font></td>
<td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center; font-size: 10pt"><font style="font-size: 7pt"><b>Equity</b></font></td>
<td style="text-align: center; white-space: nowrap; padding-bottom: 1pt; font-size: 10pt"><font style="font-size: 7pt"><b>&nbsp;</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; width: 22%"><font style="font-size: 7pt">Balances
as of December&nbsp;31, 2021</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 5%; text-align: right"><font style="font-size: 7pt">1,650</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 5%; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 5%; text-align: right"><font style="font-size: 7pt">10,523</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 5%; text-align: right"><font style="font-size: 7pt">10</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 5%; text-align: right"><font style="font-size: 7pt">7,416</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 5%; text-align: right"><font style="font-size: 7pt">7</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 5%; text-align: right"><font style="font-size: 7pt">29,249</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 5%; text-align: right"><font style="font-size: 7pt">(13,626</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><font style="font-size: 7pt">)</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 5%; text-align: right"><font style="font-size: 7pt">(24,729</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><font style="font-size: 7pt">)</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 5%; text-align: right"><font style="font-size: 7pt">58,782</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 5%; text-align: right"><font style="font-size: 7pt">49,693</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in; text-align: left"><font style="font-size: 7pt">Issuance
of common stock</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">492</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">1</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">3,311</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">3,312</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in; text-align: left"><font style="font-size: 7pt">Repurchases
of common stock</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">(277</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">)</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in; text-align: left"><font style="font-size: 7pt">Equity
based compensation expense</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">13</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">548</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">548</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in; text-align: left"><font style="font-size: 7pt">Contributions
from noncontrolling interest holders</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">26,389</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">26,389</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in; text-align: left"><font style="font-size: 7pt">Redemptions
of noncontrolling interest holders</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">(2,085</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">)</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">(2,085</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in; text-align: left"><font style="font-size: 7pt">Distributions
to noncontrolling interest holders</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">(4,364</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">)</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">(4,364</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in"><font style="font-size: 7pt">Consolidation
of VIE</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">3,864</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">3,864</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in"><font style="font-size: 7pt">Deconsolidation
of VIEs</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">(14,119</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">)</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">(14,119</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in"><font style="font-size: 7pt">Other</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">1</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">40</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in; text-align: left; padding-bottom: 1pt"><font style="font-size: 7pt">Net
income (loss)</font></td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">2,020</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">11,931</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">13,951</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 2.5pt"><font style="font-size: 7pt">Balances
as of December&nbsp;31, 2022</font></td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">1,651</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">$</font></td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">10,791</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">$</font></td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">11</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">7,416</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">$</font></td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">7</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">$</font></td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">33,108</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">$</font></td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">(13,626</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><font style="font-size: 7pt">)</font></td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">$</font></td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">(22,709</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><font style="font-size: 7pt">)</font></td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">$</font></td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">80,398</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">$</font></td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">77,189</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in; text-align: left"><font style="font-size: 7pt">Issuance
of common stock, net of issuance costs</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">1,200</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">1</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">2,598</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">2,599</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in; text-align: left"><font style="font-size: 7pt">Repurchases
of common stock</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">(42</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">)</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in; text-align: left"><font style="font-size: 7pt">Conversions
of preferred stock</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">(1,651</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">)</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">1,651</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">2</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">2</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in; text-align: left"><font style="font-size: 7pt">Equity
based compensation expense</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">273</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">3,726</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">3,726</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in; text-align: left"><font style="font-size: 7pt">Contributions
from noncontrolling interest holders</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">27,927</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">27,927</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in; text-align: left"><font style="font-size: 7pt">Redemptions
of noncontrolling interest holders</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">(10,045</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">)</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">(10,045</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in; text-align: left"><font style="font-size: 7pt">Distributions
to noncontrolling interest holders</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">(10,014</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">)</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">(10,014</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in"><font style="font-size: 7pt">Consolidation
of VIE</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">(20,805</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">)</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">(20,805</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in"><font style="font-size: 7pt">Deconsolidation
of VIEs</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">10,825</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">10,825</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in; text-align: left"><font style="font-size: 7pt">Retirement
of treasury stock</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">13,626</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">(1,418</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">)</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">12,208</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in; text-align: left; padding-bottom: 1pt"><font style="font-size: 7pt">Net
income (loss)</font></td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">(12,703</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><font style="font-size: 7pt">)</font></td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">(14,891</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><font style="font-size: 7pt">)</font></td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">(27,594</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><font style="font-size: 7pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 2.5pt"><font style="font-size: 7pt">Balances
as of December&nbsp;31, 2023</font></td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">$</font></td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">13,873</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">$</font></td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">14</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">7,416</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">$</font></td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">7</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">$</font></td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">39,432</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">$</font></td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">$</font></td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">(36,830</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><font style="font-size: 7pt">)</font></td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">$</font></td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">63,395</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">$</font></td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">66,018</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td></tr>
</table>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The accompanying notes are an integral part of
these consolidated financial statements.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>CALIBERCOS INC. AND SUBSIDIARIES</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS&rsquo;
EQUITY</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>(AMOUNTS IN THOUSANDS)</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td style="text-indent: -0.25in; padding-left: 0.5in; text-align: center; white-space: nowrap; font-size: 10pt"><font style="font-size: 7pt"><b>&nbsp;</b></font></td>
<td colspan="5" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><font style="font-size: 7pt"><b>Preferred
Stock</b></font></td>
<td style="text-align: center; white-space: nowrap; padding-bottom: 1pt; font-size: 10pt"><font style="font-size: 7pt"><b>&nbsp;</b></font></td>
<td colspan="11" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><font style="font-size: 7pt"><b>Common
Stock</b></font></td>
<td style="text-align: center; white-space: nowrap; padding-bottom: 1pt; font-size: 10pt"><font style="font-size: 7pt"><b>&nbsp;</b></font></td>
<td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><font style="font-size: 7pt"><b>&nbsp;</b></font></td>
<td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap; padding-bottom: 1pt"><font style="font-size: 7pt"><b>&nbsp;</b></font></td>
<td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><font style="font-size: 7pt"><b>&nbsp;</b></font></td>
<td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap; padding-bottom: 1pt"><font style="font-size: 7pt"><b>&nbsp;</b></font></td>
<td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"></td>
<td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap; padding-bottom: 1pt"><font style="font-size: 7pt"><b>&nbsp;</b></font></td>
<td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"></td>
<td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap; padding-bottom: 1pt"><font style="font-size: 7pt"><b>&nbsp;</b></font></td>
<td colspan="2" style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><font style="font-size: 7pt"><b>Total
 &nbsp;</b></font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap; padding-bottom: 1pt"><font style="font-size: 7pt"><b>&nbsp;</b></font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: -0.25in; padding-left: 0.5in; padding-bottom: 1pt; text-align: center; white-space: nowrap; font-size: 10pt"><font style="font-size: 7pt"><b>&nbsp;</b></font></td>
<td colspan="2" style="padding-bottom: 1pt; text-align: center; white-space: nowrap; font-size: 10pt"><font style="font-size: 7pt"><b>&nbsp;</b></font></td>
<td style="text-align: center; white-space: nowrap; padding-bottom: 1pt; font-size: 10pt"><font style="font-size: 7pt"><b>&nbsp;</b></font></td>
<td colspan="2" style="padding-bottom: 1pt; text-align: center; white-space: nowrap; font-size: 10pt"><font style="font-size: 7pt"><b>&nbsp;</b></font></td>
<td style="text-align: center; white-space: nowrap; padding-bottom: 1pt; font-size: 10pt"><font style="font-size: 7pt"><b>&nbsp;</b></font></td>
<td colspan="5" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; white-space: nowrap; text-align: center"><font style="font-size: 7pt"><b>Class&nbsp;A</b></font></td>
<td style="text-align: center; white-space: nowrap; padding-bottom: 1pt; font-size: 10pt"><font style="font-size: 7pt"><b>&nbsp;</b></font></td>
<td colspan="5" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; white-space: nowrap; text-align: center"><font style="font-size: 7pt"><b>Class&nbsp;B</b></font></td>
<td style="text-align: center; white-space: nowrap; padding-bottom: 1pt; font-size: 10pt"><font style="font-size: 7pt"><b>&nbsp;</b></font></td>
<td colspan="2" style="padding-bottom: 1pt; text-align: center; white-space: nowrap; font-size: 10pt"><font style="font-size: 7pt"><b>Paid
in</b></font></td>
<td style="text-align: center; white-space: nowrap; padding-bottom: 1pt; font-size: 10pt"><font style="font-size: 7pt"><b>&nbsp;</b></font></td>
<td colspan="2" style="padding-bottom: 1pt; text-align: center; white-space: nowrap; font-size: 10pt"><font style="font-size: 7pt"><b>Treasury</b></font></td>
<td style="text-align: center; white-space: nowrap; padding-bottom: 1pt; font-size: 10pt"><font style="font-size: 7pt"><b>&nbsp;</b></font></td>
<td colspan="2" style="text-align: center; white-space: nowrap; font-size: 10pt"><font style="font-size: 7pt"><b>Accumulated</b></font></td>
<td style="text-align: center; white-space: nowrap; padding-bottom: 1pt; font-size: 10pt"><font style="font-size: 7pt"><b>&nbsp;</b></font></td>
<td colspan="2" style="text-align: center; white-space: nowrap; font-size: 10pt"><font style="font-size: 7pt"><b>Noncontrolling</b></font></td>
<td style="text-align: center; white-space: nowrap; padding-bottom: 1pt; font-size: 10pt"><font style="font-size: 7pt"><b>&nbsp;</b></font></td>
<td colspan="2" style="text-align: center; white-space: nowrap; font-size: 10pt"><font style="font-size: 7pt"><b>Stockholders&rsquo;</b></font></td>
<td style="text-align: center; white-space: nowrap; padding-bottom: 1pt; font-size: 10pt"><font style="font-size: 7pt"><b>&nbsp;</b></font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: -0.25in; padding-left: 0.5in; padding-bottom: 1pt; text-align: center; white-space: nowrap; font-size: 10pt"><font style="font-size: 7pt"><b>&nbsp;</b></font></td>
<td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><font style="font-size: 7pt"><b>Shares</b></font></td>
<td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap; padding-bottom: 1pt"><font style="font-size: 7pt"><b>&nbsp;</b></font></td>
<td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><font style="font-size: 7pt"><b>Par
Value</b></font></td>
<td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap; padding-bottom: 1pt"><font style="font-size: 7pt"><b>&nbsp;</b></font></td>
<td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><font style="font-size: 7pt"><b>Shares</b></font></td>
<td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap; padding-bottom: 1pt"><font style="font-size: 7pt"><b>&nbsp;</b></font></td>
<td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><font style="font-size: 7pt"><b>Par
Value</b></font></td>
<td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap; padding-bottom: 1pt"><font style="font-size: 7pt"><b>&nbsp;</b></font></td>
<td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><font style="font-size: 7pt"><b>Shares</b></font></td>
<td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap; padding-bottom: 1pt"><font style="font-size: 7pt"><b>&nbsp;</b></font></td>
<td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><font style="font-size: 7pt"><b>Par
Value</b></font></td>
<td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap; padding-bottom: 1pt"><font style="font-size: 7pt"><b>&nbsp;</b></font></td>
<td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap; font-size: 10pt"><font style="font-size: 7pt"><b>Capital</b></font></td>
<td style="text-align: center; white-space: nowrap; padding-bottom: 1pt; font-size: 10pt"><font style="font-size: 7pt"><b>&nbsp;</b></font></td>
<td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap; font-size: 10pt"><font style="font-size: 7pt"><b>Stock</b></font></td>
<td style="text-align: center; white-space: nowrap; padding-bottom: 1pt; font-size: 10pt"><font style="font-size: 7pt"><b>&nbsp;</b></font></td>
<td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap; font-size: 10pt"><font style="font-size: 7pt"><b>Deficit</b></font></td>
<td style="text-align: center; white-space: nowrap; padding-bottom: 1pt; font-size: 10pt"><font style="font-size: 7pt"><b>&nbsp;</b></font></td>
<td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap; font-size: 10pt"><font style="font-size: 7pt"><b>Interests</b></font></td>
<td style="text-align: center; white-space: nowrap; padding-bottom: 1pt; font-size: 10pt"><font style="font-size: 7pt"><b>&nbsp;</b></font></td>
<td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center; font-size: 10pt"><font style="font-size: 7pt"><b>Equity</b></font></td>
<td style="text-align: center; white-space: nowrap; padding-bottom: 1pt; font-size: 10pt"><font style="font-size: 7pt"><b>&nbsp;</b></font></td></tr>

<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; width: 22%"><font style="font-size: 7pt">Balances
    as of December&nbsp;31, 2021</font></td>
    <td style="width: 2%; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="width: 5%; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">1,650</font></td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="width: 5%; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="width: 5%; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">10,523</font></td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="width: 5%; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">10</font></td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="width: 5%; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">7,416</font></td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="width: 5%; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">7</font></td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="width: 5%; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">29,249</font></td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="width: 5%; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">(13,626</font></td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">)</font></td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="width: 5%; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">(24,729</font></td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">)</font></td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="width: 5%; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">58,782</font></td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="width: 5%; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">49,693</font></td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in; text-align: left"><font style="font-size: 7pt">Issuance
    of common stock</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">492</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">1</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">3,311</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">3,312</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in; text-align: left"><font style="font-size: 7pt">Repurchases
    of common stock</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">(277</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">)</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in; text-align: left"><font style="font-size: 7pt">Equity
    based compensation expense</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">13</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">548</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">548</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in; text-align: left"><font style="font-size: 7pt">Contributions
    from noncontrolling interest holders</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">26,389</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">26,389</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in; text-align: left"><font style="font-size: 7pt">Redemptions
    of noncontrolling interest holders</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">(2,085</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">)</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">(2,085</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">)</font></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in; text-align: left"><font style="font-size: 7pt">Distributions
    to noncontrolling interest holders</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">(4,364</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">)</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">(4,364</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">)</font></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in"><font style="font-size: 7pt">Consolidation
    of VIE</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">3,864</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">3,864</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in"><font style="font-size: 7pt">Deconsolidation
    of VIEs</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">(14,119</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">)</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">(14,119</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">)</font></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in"><font style="font-size: 7pt">Other</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">1</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">40</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in; text-align: left; padding-bottom: 1pt"><font style="font-size: 7pt">Net
    income (loss)</font></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">2,020</font></td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">11,931</font></td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">13,951</font></td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 2.5pt"><font style="font-size: 7pt">Balances
    as of December&nbsp;31, 2022</font></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">1,651</font></td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">$</font></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">10,791</font></td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">$</font></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">11</font></td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">7,416</font></td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">$</font></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">7</font></td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">$</font></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">33,108</font></td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">$</font></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">(13,626</font></td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">)</font></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">$</font></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">(22,709</font></td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">)</font></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">$</font></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">80,398</font></td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">$</font></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">77,189</font></td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in; text-align: left"><font style="font-size: 7pt">Issuance
    of common stock, net of issuance costs</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">1,200</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">1</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">2,598</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">2,599</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in; text-align: left"><font style="font-size: 7pt">Repurchases
    of common stock</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">(42</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">)</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in; text-align: left"><font style="font-size: 7pt">Conversions
    of preferred stock</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">(1,651</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">)</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">1,651</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">2</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">2</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in; text-align: left"><font style="font-size: 7pt">Equity
    based compensation expense</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">273</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">3,726</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">3,726</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in; text-align: left"><font style="font-size: 7pt">Contributions
    from noncontrolling interest holders</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">27,927</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">27,927</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in; text-align: left"><font style="font-size: 7pt">Redemptions
    of noncontrolling interest holders</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">(10,045</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">)</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">(10,045</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">)</font></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in; text-align: left"><font style="font-size: 7pt">Distributions
    to noncontrolling interest holders</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">(10,014</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">)</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">(10,014</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">)</font></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in"><font style="font-size: 7pt">Consolidation
    of VIE</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">(20,805</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">)</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">(20,805</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">)</font></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in"><font style="font-size: 7pt">Deconsolidation
    of VIEs</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">10,825</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">10,825</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in; text-align: left"><font style="font-size: 7pt">Retirement
    of treasury stock</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">13,626</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">(1,418</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">)</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">12,208</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in; text-align: left; padding-bottom: 1pt"><font style="font-size: 7pt">Net
    income (loss)</font></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">(12,703</font></td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">)</font></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">(14,891</font></td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">)</font></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">(27,594</font></td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">)</font></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 2.5pt"><font style="font-size: 7pt">Balances
    as of December&nbsp;31, 2023</font></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">$</font></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">13,873</font></td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">$</font></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">14</font></td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">7,416</font></td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">$</font></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">7</font></td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">$</font></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">39,432</font></td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">$</font></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">&mdash;</font></td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">$</font></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">(36,830</font></td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">)</font></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">$</font></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">63,395</font></td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">$</font></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 7pt">66,018</font></td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 7pt">&nbsp;</font></td></tr>
  </table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><font style="font-size: 10pt">The
accompanying notes are an integral part of these consolidated financial statements.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>CALIBERCOS INC. AND SUBSIDIARIES</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><a name="spF-010"></a><b>CONSOLIDATED STATEMENTS
OF CASH FLOWS</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>(AMOUNTS IN THOUSANDS)</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-indent: -0.125in; padding-left: 0.25in; font-size: 10pt">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="6" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Years Ended
    December&nbsp;31,</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-indent: -0.125in; padding-left: 0.25in; font-size: 10pt">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2023</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2022</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Cash Flows
    From Operating Activities</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in; width: 66%; text-align: left">Net
    (loss) income</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right">(27,594</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right">13,951</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in; text-align: left">Adjustments to
    reconcile net (loss) income to net cash from operating activities:</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in; text-align: left">Depreciation
    and amortization</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">527</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">44</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in; text-align: left">Non-cash lease
    expense and gain on lease extinguishment</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(280</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(125</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in; text-align: left">Non-cash performance
    allocations</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(2,382</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in; text-align: left">Equity-based
    compensation</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">3,726</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">547</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in; text-align: left">Gain on the disposition
    of real estate</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(122</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in; text-align: left">Gain on extinguishment
    of debt</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(1,421</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in; text-align: left">Loss on investments
    in unconconsolidated entities</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,339</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in; text-align: left">Amortization
    of above-market/below market leases and straight-line rent, net</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">203</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in; text-align: left">Amortization
    of deferred financing costs</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">34</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in; text-align: left">Changes in operating
    assets and liabilities:</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.375in; text-align: left">Due from related
    parties</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(1,897</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(4,028</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.375in; text-align: left">Prepaid expenses,
    right-of-use assets and other assets</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">3,169</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(6,225</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.375in; text-align: left">Accounts payable
    and accrued expenses</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">931</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">3,145</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.375in; text-align: left">Due to related
    parties</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">86</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(556</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.375in; text-align: left">Lease liabilities
    and other liabilities</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">94</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,286</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in; text-align: left">Adjustments to
    reconcile net (loss) income to net cash from operating activities of consolidated funds:</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.375in">Depreciation</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">10,358</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">9,293</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.375in; text-align: left">Non-cash lease
    expense</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(53</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(106</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.375in; text-align: left">Gain on the
    disposition of real estate</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(4,976</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(20,419</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.375in; text-align: left">Loss (gain)
    on extinguishment of debt</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">238</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(3,131</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.375in; text-align: left">Loss (gain)
    on derivative instruments</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">515</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(1,646</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.375in; text-align: left">Loss on disposal
    of furniture, fixtures and equipment</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">687</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.375in">Impairment</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">144</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.375in; text-align: left">Amortization
    of advanced key money</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(75</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(75</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.375in; text-align: left">Amortization
    of above-market/below market leases and straight-line rent, net</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(409</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">40</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.375in; text-align: left">Amortization
    of deferred financing costs</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,543</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">643</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.375in; text-align: left">Changes in operating
    assets and liabilities of consolidated funds:</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.5in; text-align: left">Accounts receivable,
    net</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(375</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(1,012</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.5in; text-align: left">Due from related
    parties</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">3</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">190</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.5in; text-align: left">Prepaid expenses,
    right-of use assets and other assets</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(8,040</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(9,414</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.5in; text-align: left">Accounts payable
    and accrued expenses</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,141</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">969</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.5in; text-align: left">Due to related
    parties</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,503</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">170</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.5in; text-align: left; padding-bottom: 1pt">Lease
    liabilities and other liabilities</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">1,264</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">10,429</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.625in; text-align: left; padding-bottom: 1pt">Net
    cash used in the Company's operating activities</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(18,720</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(7,429</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</td></tr>

<tr style="vertical-align: bottom; background-color: White">
    <td style="font: bold 10pt Times New Roman, Times, Serif; padding-left: 0in; text-align: left; width: 66%">Cash Flows From Investing
    Activities</td><td style="font-size: 10pt; width: 1%">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left; width: 1%">&nbsp;</td><td style="font-size: 10pt; text-align: right; width: 14%">&nbsp;</td><td style="font-size: 10pt; text-align: left; width: 1%">&nbsp;</td><td style="font-size: 10pt; width: 1%">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left; width: 1%">&nbsp;</td><td style="font-size: 10pt; text-align: right; width: 14%">&nbsp;</td><td style="font-size: 10pt; text-align: left; width: 1%">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Investments in real estate assets</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(250</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(275</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Acquisition of real estate assets</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(3,015</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Proceeds from the sale of real estate
    assets</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">10</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">239</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Investments in unconsolidated entities</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(182</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(774</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Funding of notes receivable - related
    party</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(980</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Payment received on notes receivable
    - related party</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">930</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; padding-left: 0in; text-align: left">Cash Flows From Investing Activities
    of consolidated funds</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif">Consolidation of VIEs</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">12,927</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,393</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif">Deconsolidation of VIEs</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(12,952</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(17,235</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Investments in real estate assets</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(13,744</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(13,941</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Acquisition of real estate assets</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(6,643</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(23,766</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Proceeds from the sale of real estate
    assets</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">26,075</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">30,734</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Funding of notes receivable - related
    party</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(15,963</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(13,052</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Payment received
    on notes receivable - related party</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">8,423</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">4,925</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left; padding-bottom: 1pt">Net cash used in
    the Company's investing activities</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(5,364</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(31,752</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; padding-left: 0in; text-align: left">Cash Flows From Financing Activities</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Payment of deferred financing costs</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(253</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Proceeds from notes payable</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">26,605</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">10,390</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Repayments of notes payable</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(3,697</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(1,148</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Proceeds from notes payable - related
    parties</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">4,000</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Repayments of notes payable - related
    parties</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(4,365</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(490</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Proceeds from the issuance of common
    stock, net of issuance costs</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">2,599</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">13</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Payments of treasury stock - buyback
    obligation</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(183</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(313</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; padding-left: 0in; text-align: left">Cash Flows From Financing Activities
    of consolidated funds</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Payment of deferred financing costs</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(2,782</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(510</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Proceeds from notes payable</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">69,654</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">35,563</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Repayments of notes payable</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(79,031</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(28,285</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Proceeds from notes payable - related
    parties</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">10,008</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">15,901</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Repayments of notes payable - related
    parties</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(2,802</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(12,478</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Contributions from noncontrolling interest
    holders</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">26,096</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">26,389</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Redemptions of noncontrolling interests</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(10,045</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(2,085</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Distributions
    to noncontrolling interest holders</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(10,014</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(4,364</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left; padding-bottom: 1pt">Net cash provided
    by the Company's financing activities</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">25,790</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">38,583</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: bold 10pt Times New Roman, Times, Serif; padding-left: 0in; text-align: left">Net Change in Cash and Restricted
    Cash</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,706</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(598</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; padding-left: 0in; text-align: left; padding-bottom: 1pt">Cash and Restricted
    Cash at Beginning of Period</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">15,934</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">16,532</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: bold 10pt Times New Roman, Times, Serif; padding-left: 0in; text-align: left; padding-bottom: 2.5pt">Cash and Restricted
    Cash at End of Period</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">17,640</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">15,934</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: bold 10pt Times New Roman, Times, Serif; padding-left: 0in; text-align: left">Reconciliation of Cash and Restricted
    Cash</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif">Cash at beginning of period</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">7,657</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">8,378</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Restricted cash
    at beginning of period</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">8,277</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">8,154</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt">Cash and restricted
    cash at beginning of period</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">15,934</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">16,532</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif">Cash at end of period</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">3,805</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">7,657</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Restricted cash
    at end of period</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">13,835</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">8,277</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt">Cash and restricted
    cash at end of period</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">17,640</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">15,934</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</td></tr>
  </table>
<p style="margin: 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="text-align: center; margin-top: 0; margin-bottom: 0"><font style="font-size: 10pt">The accompanying notes are an integral part
of these consolidated financial statements.</font></p>

<p style="margin: 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>CALIBERCOS INC. AND SUBSIDIARIES</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><a name="spF-011"></a><b>NOTES TO CONSOLIDATED
FINANCIAL STATEMENTS</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Note 1 &ndash; Organization and Liquidity</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Organization</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">CaliberCos Inc., a Delaware
corporation, and its wholly-owned subsidiaries (the &ldquo;Company&rdquo;) is an alternative asset manager of private syndication and
direct investment real estate funds and provider of a full suite of traditional real estate services. The Company was formed in November&nbsp;2014,
and originally began as Caliber Companies, LLC, an Arizona limited liability company, which commenced operations in January&nbsp;2009.
The Company provides various support services to the investments we manage including asset management services, fund set-up services,
lending support, construction and development management, and real estate brokerage. As of December&nbsp;31, 2023, we had operations
in Alaska, Arizona, Colorado, and Texas.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In general, our private
equity real estate funds are organized as operating partnerships, in which multiple unrelated passive investors own partnership interests.
In addition, we are designated as the manager and/or general partner of the partnership. Depending on the legal structure and arrangements
between us and the funds, we may or may not consolidate the partnerships for financial reporting purposes. For funds in which we are
determined to be the controlling party or primary beneficiary for financial reporting purposes, the fund is consolidated, and the passive
investors&rsquo; ownership is presented as noncontrolling interest in the accompanying consolidated financial statements (&ldquo;Consolidated
Funds&rdquo;, and collectively with the Company, the &ldquo;Consolidated Company&rdquo;, &ldquo;Caliber&rdquo;, &ldquo;we&rdquo;, &ldquo;our&rdquo;,
and &ldquo;us&rdquo;). For funds in which we are not determined to be the controlling party for financial reporting purposes, the fund
is not consolidated, and any fees earned from the fund are included in fund management revenue in the accompanying consolidated financial
statements. See Note 2 &ndash; Summary of Significant Accounting Policies for more detail.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Liquidity and Going Concern</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The accompanying consolidated
financial statements are prepared in accordance with generally accepted accounting principles applicable to a going concern, which contemplates
the realization of assets and the satisfaction of liabilities in the normal course of business.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company had individual
corporate notes aggregating $36.4 million at December&nbsp;31, 2023 for which the maturity dates of the majority of these notes are within
the 12-month period subsequent to when the financial statements for the year ended December&nbsp;31, 2023 were issued. Additionally,
the Company has incurred operating losses and negative operating cash flows for the year ended December&nbsp;31, 2023, and anticipates
additional future operating losses and negative operating cash flows. The Company does not have sufficient cash on hand to satisfy such
obligations. As such, these conditions and events raise substantial doubt about the Company&rsquo;s ability to continue as a going concern.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In response to these conditions,
management plans to i) negotiate extensions of such loans or refinance such debt, ii) obtain new financing, iii) reduce operating costs,
iv) collect receivables and return investments from the Consolidated Funds, and/or v) increase capital raise through continued expansion
of fundraising channels. The Company has commenced discussions with the various lenders in pursuit of extending or refinancing its loans.
As of the date of these financial statements, management was able to extend $12.3 million of corporate notes for an additional 13 months
(see Note 6 &ndash; Notes Payable). Management&rsquo;s plans include timely collection on the Company&rsquo;s outstanding accounts and
notes receivable from affiliated entities for which management has influence and control and implementing strategies to reduce costs.
As a result, the Company has concluded that management&rsquo;s plans are probable of being achieved to alleviate substantial doubt about
the Company&rsquo;s ability to continue as a going concern.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>CALIBERCOS INC. AND SUBSIDIARIES</b>&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Note 2 &ndash; Summary of Significant Accounting
Policies</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Accounting Policies of the Company</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Basis of Presentation and Consolidation</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The accompanying consolidated
financial statements are prepared on the accrual basis of accounting in accordance with generally accepted accounting principles in the
United States of America (&ldquo;U.S. GAAP&rdquo;). The accompanying consolidated financial statements include our accounts, our consolidated
subsidiaries, and legal entities in which the Company is deemed to have a direct or indirect controlling financial interest based on
either a variable interest model or voting interest model. The equity and net income or loss attributable to noncontrolling interests
in subsidiaries is shown separately in the accompanying consolidated balance sheets, statements of operations, and statements of changes
in stockholders&rsquo; equity. All intercompany balances and transactions have been eliminated in consolidation.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><u>Variable Interest Entities</u></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We determine if an entity
is a variable interest entity (&ldquo;VIE&rdquo;) based on several factors, including whether the equity holders, as a group, lack the
characteristics of a controlling financial interest. We analyze any investments in VIEs to determine if we are the primary beneficiary.
A reporting entity is determined to be the primary beneficiary if it holds a controlling financial interest in a VIE.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Determining which reporting
entity, if any, has a controlling financial interest in a VIE is primarily a qualitative analysis focused on identifying which reporting
entity has both (i)&nbsp;the power to direct the activities of the entity that most significantly impact the entity&rsquo;s economic
performance and (ii)&nbsp;the obligation to absorb losses or the right to receive benefits from such entity that could potentially be
significant to such entity. Performance of that analysis requires the exercise of judgment. We consolidate any VIEs for which we are
the primary beneficiary and we disclose our maximum exposure to loss related to the consolidated VIEs. See Note 3 &ndash; VIEs for more
detail.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><u>Voting Interest Entities</u></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Entities that do not qualify
as VIEs are generally assessed for consolidation as voting interest entities (&ldquo;VOEs&rdquo;). For VOEs, we consolidate an entity
if we have a controlling financial interest. We have a controlling financial interest in a VOE if (i)&nbsp;for legal entities other than
partnerships, we own a majority voting interest in the entity or, for limited partnerships and similar entities, we own a majority of
the entity&rsquo;s kick-out rights through voting limited partnership interests and (ii)&nbsp;non-controlling shareholders or partners
do not hold substantive participating rights, and no other conditions exist that would indicate that we do not control the entity.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Reclassification</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The asset management fees
and transaction and advisory fees, previously presented in their own line items for prior periods presented, have been combined into
one line item, asset management revenues in the accompanying consolidated statements of operations, to be consistent with the current
year presentation. The reclassification does not affect prior period&rsquo;s total revenues or net income (loss).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Use of Accounting Estimates</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The preparation of our consolidated
financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect the reported amounts of assets,
liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. These estimates are made and evaluated
on an ongoing basis using information that is currently available as well as various other assumptions believed to be reasonable under
the circumstances. Actual results could differ significantly from those estimates.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>CALIBERCOS INC. AND SUBSIDIARIES</b>&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Cash</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Cash includes cash in bank
accounts. The Company deposits cash with several high-quality financial institutions. These deposits are guaranteed by the Federal Deposit
Insurance Company (&ldquo;FDIC&rdquo;) up to an insurance limit of $250,000. At times, the Company&rsquo;s cash balances may exceed FDIC
limits. Although the Company bears risk on amounts in excess of those insured by the FDIC, it has not experienced and does not anticipate
any losses due to the high quality of the institutions where the deposits are held.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Restricted Cash</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Restricted cash consists
of held in escrow accounts by contractual agreement with lenders as part of financial loan covenant requirements.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Investments in Unconsolidated Entities</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">If an entity is not a VIE,
our determination of the appropriate accounting method with respect to our investments in limited liability companies and other investments
is based on voting control. For our managing member interests in limited liability companies, we are presumed to control (and therefore
consolidate) the entity, unless the other limited partners have substantive rights that overcome this presumption of control. These substantive
rights allow the limited partners to remove the general partner with or without cause or to participate in significant decisions made
in the ordinary course of the entity&rsquo;s business. We account for our non-controlling investments in these entities under the equity
method. Our investments in unconsolidated subsidiaries in which we have the ability to exercise significant influence over operating
and financial policies, but do not control, or entities which are VIE in which we are not the primary beneficiary are accounted for under
the equity method. The equity method of accounting requires the investment to be initially recorded at cost and subsequently adjusted
for the Company&rsquo;s share of equity in the equity method investment&rsquo;s earnings and distributions. Our share of the earnings
or loss from equity method investments is included in other income (expenses), net on the accompanying consolidated statements of operations.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our determination of the
appropriate accounting treatment for an investment in a subsidiary requires judgment of several factors including the size and nature
of our ownership interest and the other owners&rsquo; substantive rights to make decisions for the entity. If we were to make different
judgments or conclusions as to the level of our control or influence, it could result in a different accounting treatment. Consolidating
an investment generally would have no impact on our net income or stockholders&rsquo; deficit attributable to CaliberCos Inc. in any
accounting period, but a different treatment would impact individual income statement and balance sheet line items, as consolidation
would effectively &ldquo;gross up&rdquo; our statement of operations and balance sheet.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">As of December&nbsp;31,
2023 and December&nbsp;31, 2022, the carrying amount of our investments in unconsolidated entities was $3.3 million and $3.2 million,
respectively. In certain situations, the Company has invested only a nominal amount of cash, or no cash at all, into a venture. As the
manager of the venture, we are entitled to 15.0% &ndash; 35.0% of the residual cash flow produced by the venture after the payment of
any priority returns. Under the equity method, impairment losses are recognized upon evidence of other-than-temporary losses of value.
For the years ended December&nbsp;31, 2023 and 2022, the Company had no impairment losses related to its investments in unconsolidated
entities.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>CALIBERCOS INC. AND SUBSIDIARIES</b>&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Depreciation and Amortization Expense</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">During the year ended December&nbsp;31,
2023, the Company acquired its headquarters office building, recording the real estate assets at cost. Building and building improvements
are depreciated over the estimated useful life of the respective asset, generally 15 to 40 years. Depreciation expense also includes
costs associated with the purchase of furniture and equipment, which are recorded at cost and depreciated using the straight-line method
over the estimated useful life of the asset, generally three to seven years beginning in the first full month the asset is placed in
service. Intangible lease assets are amortized using the straight-line method over the lease term.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">For the year ended December&nbsp;31,
2023, depreciation expense for the Company was $0.5&nbsp;million. Depreciation expense for the Company was an immaterial amount for the
year ended December&nbsp;31, 2022.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Impairment of Long-Lived Assets</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Real estate and other long-lived
assets to be held and used are stated at cost, less accumulated depreciation and amortization, unless the carrying amount of the asset
is determined not to be recoverable. If events or circumstances indicate that the carrying amount of a long-lived asset may not be recoverable,
we test its recoverability by comparing the carrying amount to our estimate of the undiscounted net future cash flows resulting from
the use of the asset, excluding interest charges. If the carrying amount exceeds the aggregate undiscounted future cash flows, we recognize
an impairment loss to the extent the carrying amount exceeds the estimated fair value of the asset.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">For the years ended December&nbsp;31,
2023 and 2022, the Company had no impairment losses related to its real estate and other long-lived assets.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Concentration of Credit Risk</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Substantially all of the
Company&rsquo;s revenues are generated from the management, ownership and/or operations of real estate assets located in Alaska, Arizona,
Colorado, and Texas. The Company mitigates the associated risk by:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">&middot;</font></td><td style="text-align: justify">diversifying
                                            our investments in real estate assets across multiple asset types, including hospitality,
                                            commercial, single-family, multi-family, and self-storage properties;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">&middot;</font></td><td style="text-align: justify">diversifying
                                            our investments in real estate assets across multiple geographic locations including different
                                            markets and sub-markets in which our real estate assets are located;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">&middot;</font></td><td style="text-align: justify">diversifying
                                            our investments in real estate assets across assets at differing points of stabilization,
                                            and in varying states of cash flow optimization; and</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">&middot;</font></td><td style="text-align: justify">maintaining
                                            financing relationships with a diversified mix of lenders (differing size and type), including
                                            large national banks, local community banks, private equity lenders, and insurance companies.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Noncontrolling Interests in Consolidated
Real Estate Partnerships</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We report the unaffiliated
partners&rsquo; interests in the net assets of our consolidated real estate partnerships as noncontrolling interests within the accompanying
consolidated statements of changes in stockholders&rsquo; equity. Noncontrolling interests consist of equity interests held by limited
partners in consolidated real estate partnerships. We attribute to noncontrolling interests their share of income or loss of the consolidated
partnerships based on their proportionate interest in the results of operations of the partnerships, including their share of losses
even if such attribution results in a deficit noncontrolling interest balance within our equity and partners&rsquo; capital accounts.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The terms of the partnership
agreements generally require the partnerships to be liquidated following the sale of the underlying real estate assets. As the general
partner in these partnerships, we ordinarily control the execution of real estate sales and other events that could lead to the liquidation,
redemption or other settlement of noncontrolling interests. The terms of certain partnership agreements outline differing classes of
equity ownership, some of which are redeemable by the partnership at the partnership manager&rsquo;s discretion.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>CALIBERCOS INC. AND SUBSIDIARIES</b>&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Revenue Recognition</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In accordance with the Accounting
Standards Codification (&ldquo;ASC&rdquo;) 606,&nbsp;<i>Revenue from Contracts with Customers </i>(&ldquo;ASC 606&rdquo;), management
applies the five-step framework in determining the timing and amount of revenue to recognize. This framework requires an entity to: (i)&nbsp;identify
the contract(s)&nbsp;with customers, (ii)&nbsp;identify the performance obligations within the contract, (iii)&nbsp;determine the transaction
price, (iv)&nbsp;allocate the transaction price to the performance obligations within the contract, and (v)&nbsp;recognize revenue when
or as the entity satisfies a performance obligation.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Revenues from contracts
with customers includes fixed fee arrangements with related party affiliates to provide certain associated activities which are ancillary
to and generally add value to the assets we manage, such as set-up and fund formation services associated with marketing, soliciting,
and selling member interests in the affiliated limited partnerships, brokerage services, construction and development management services,
loan placement and guarantees. The recognition and measurement of revenue is based on the assessment of individual contract terms. For
performance obligations satisfied at a point in time, there are no significant judgments made in evaluating when the customer obtains
control of the promised service.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">For performance obligations
satisfied over time, significant judgment is required to determine how to allocate transaction prices where multiple performance obligations
are identified; when to recognize revenue based on appropriate measurement of the Company&rsquo;s progress under the contract; and whether
constraints on variable consideration should be applied due to uncertain future events. Transaction price is allocated to each distinct
performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. Variable consideration is included
in the estimated transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not
occur or when the uncertainty associated with the variable consideration is resolved. The Company&rsquo;s estimates of variable consideration
and determination of whether to include estimated amounts in transaction price are based largely on an assessment of its anticipated
performance and all information that is reasonably available to the Company. Revenues are recognized when control of the promised services
is transferred to customers in an amount that reflects the consideration the Company expects to be entitled to in exchange for those
services.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The following describes
revenue recognition for the fees the Company earns from providing services under its asset management platform:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Fund set-up fees are a one-time
fee for the initial formation, administration, and set-up of the private equity real estate fund. These fees are recognized at the point
in time when the performance under the contract is complete and are included in asset management revenues in the accompanying consolidated
statements of operations. Fund set-up fees replaced fund formation fees that are earned at a point in time at a fixed rate based on the
amount of capital raised into certain managed funds.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Fund management fees are
generally based on 1.0% to 1.5% of the unreturned capital contributions in a particular fund and include reimbursement for costs incurred
on behalf of the fund, including an allocation of certain overhead costs. These customer contracts require the Company to provide management
services, representing a performance obligation that the Company satisfies over time. With respect to the Caliber Hospitality Trust (as
defined in Note 3 &ndash; VIEs), the Company earns a fund management fee of 0.70% of the Caliber Hospitality Trust&rsquo;s enterprise
value and is reimbursed for certain costs incurred on behalf of the Caliber Hospitality Trust. These revenues are included in asset management
revenues in the accompanying consolidated statements of operations.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Financing fees are earned
for services the Company performs in securing third-party financing on behalf of our private equity real estate funds. These fees are
recognized at the point in time when the performance under the contract is complete, which is essentially upon closing of a loan. In
addition, the Company earns fees for guarantying certain loans, representing a performance obligation that the Company satisfies over
time. These revenues are included in asset management revenues in the accompanying consolidated statements of operations.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>




<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>CALIBERCOS INC. AND SUBSIDIARIES</b>&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Development and construction
revenues from contracts with customers include fixed fee arrangements with related party affiliates to provide real estate development
services as their principal developer, which include managing and supervising third-party developers and general contractors with respect
to the development of the properties owned by the funds. Revenues are generally based on 4.0% of the total expected costs of the development
or 4.0% of the total expected costs of the construction project. Prior to the commencement of construction, development fee revenue is
recognized at a point in time as the related performance obligations are satisfied and the customer obtains control of the promised service,
including negotiation, due diligence, entitlements, planning, and design activities. During the construction period, development fee
revenue is recognized over time as the performance obligations are satisfied. These revenues are included in asset management revenues
in the accompanying consolidated statements of operations.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Brokerage fees are earned
at a point in time at fixed rates for services performed related to acquisitions, dispositions, leasing, and financing transaction, and
are included in asset management revenues in the accompanying consolidated statements of operations.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Performance allocations
are an arrangement in which we are entitled to an allocation of investment returns, generated within the investment funds which we manage,
based on a contractual formula. We typically receive 15.0% to 35.0% of all cash distributions from (i)&nbsp;the operating cash flow of
each fund, after payment to the related fund investors of any accumulated and unpaid priority preferred returns and repayment of preferred
capital contributions; and (ii)&nbsp;the cash flow resulting from&nbsp;the sale or refinance of any real estate assets held by each fund,
after payment to the related fund investors of any accumulated and unpaid priority preferred returns and repayment of initial preferred
capital contributions. Our funds&rsquo; preferred returns range from 6.0% to 12.0%, typically 6.0% for common equity or 10.0% to 12.0%
for preferred equity, which does not participate in profits. Performance allocations are related to services which have been provided
and are recognized when it is determined that they are no longer probable of significant reversal, which is generally satisfied when
an underlying fund investment is realized or sold. These revenues are included in performance allocations in the accompanying consolidated
statements of operations.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Leases</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><b><i>Lessor</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">At the inception of a new
lease arrangement, including new leases that arise from amendments, the Company assesses the terms and conditions to determine the proper
lease classification. When the terms of a lease effectively transfer control of the underlying asset, the lease is classified as a sales-type
lease. When a lease does not effectively transfer control of the underlying asset to the lessee, but the Company obtains a guarantee
for the value of the asset from a third-party, the Company classifies the lease as a direct financing lease. All other leases are classified
as operating leases. The Company did not have any sales-type or direct financing leases as of December&nbsp;31, 2023. For operating leases
with minimum scheduled rent increases, the consolidated funds recognize rental revenue on a straight-line basis, including the effect
of any free rent periods, over the lease term when collectability of lease payments is probable. Variable lease payments are recognized
as rental revenue in the period when the changes in facts and circumstances on which the variable lease payments are based occur.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company identified two
separate lease components as follows: i) land lease component, and ii) single property lease component comprised of building, land improvements
and tenant improvements. The Company&rsquo;s leases also contain provisions for tenants to reimburse the consolidated funds for maintenance
and other property operating expenses, which are considered to be non-lease components. The Company elected the practical expedient to
combine lease and non-lease components and the non-lease components will be included with the single property lease component as the
predominant component.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>CALIBERCOS INC. AND SUBSIDIARIES</b>&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><b><i>Lessee</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">To account for leases for
which the Company is the lessee, contracts must be analyzed upon inception to determine if the arrangement is, or contains, a lease.
A lease conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Lease classification
tests and measurement procedures are performed at the lease commencement date.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The lease liability is initially
measured as the present value of the lease payments over the lease term, discounted using the interest rate implicit in the lease, if
that rate is readily determinable; otherwise, the lessee&rsquo;s incremental borrowing rate is used. The incremental borrowing rate is
determined based on the estimated rate of interest that the lessee would pay to borrow on a collateralized basis over a similar term
at an amount equal to the lease payments in a similar economic environment. The lease term is the noncancelable period of the lease and
includes any renewal and termination options the Company is reasonably certain to exercise. The lease liability balance is amortized
using the effective interest method. The lease liability is remeasured when the contract is modified, upon the resolution of a contingency
such that variable payments become fixed or if the assessment of exercising an extension, termination or purchase option changes.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The right-of-use (&ldquo;ROU&rdquo;)
asset balance is initially measured as the lease liability amount, adjusted for any lease payments made prior to the commencement date,
initial direct costs, estimated costs to dismantle, remove, or restore the underlying asset and incentives received.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company&rsquo;s impairment
assessment for ROU assets is consistent with the impairment analysis for the Company's other long-lived assets and is reviewed quarterly.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Accounts Receivable</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Accounts receivable primarily
consists of reimbursable expenses from third-party development projects. The Company continually reviews receivables and determines collectability
by taking into consideration the history of past write-offs, collections, current credit conditions, payment history, and the financial
condition of the related third-party service providers. In the event that the collectability of a receivable is uncertain, the Company
will record an increase in the allowance for doubtful accounts. Amounts that are determined to be uncollectible with a high degree of
certainty are written-off through bad debt expense, which is included in operating costs on the accompanying consolidated statements
of operations. The Company did not record an allowance for doubtful accounts as of December&nbsp;31, 2023 and 2022.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Earnings Per Share</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Basic earnings per share
attributable to common stockholders is computed by dividing net income (loss) attributable to the Company by the weighted average number
of shares outstanding during each period. The computation of diluted income (loss) per share attributable to common stockholders further
assumes the potential dilutive effect of potential common shares, which includes common shares, consisting of (a)&nbsp;stock options
and warrants using the treasury stock method, and (b)&nbsp;convertible debt and preferred stock using the if-converted method. To the
extent the inclusion of potential common shares is anti-dilutive, the potential common shares are excluded from the computation of diluted
income (loss) per share attributable to common stockholders. See Note 13 &ndash; Net Income (Loss) Per Share for the calculation of earnings
per share.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Related Parties</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In the normal course of
business, the Company enters into transactions with related parties. Related parties include affiliates of the entity, entities under
common control of the Company, significant stockholders and executive management, and other parties that can significantly influence
the management and operating policies of the Company.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>CALIBERCOS INC. AND SUBSIDIARIES</b>&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Income Taxes</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>






<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company accounts for
income taxes under the asset and liability method in accordance with ASC 740,&nbsp;<i>Accounting for Income Taxes</i>. Deferred tax assets
and liabilities are determined based on temporary differences between the financial reporting and tax basis of assets and liabilities
and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured by applying enacted tax rates and
laws and are released in the years in which the temporary differences are expected to be recovered or settled. The effect on deferred
tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation
allowances are provided against deferred tax assets when it is more-likely-than-not that some portion or all of the deferred tax assets
will not be realized.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">A valuation allowance is
required to reduce the balance of a deferred tax asset if it is determined that it is more-likely-than-not that all or some portion of
the deferred tax asset will not be realized due to the lack of sufficient taxable income or other limitation on the Company&rsquo;s ability
to utilize the loss carryforward.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We recognize the impact
of an income tax position, if that position is more-likely-than-not of being sustained on audit, based on the technical merits of the
position. Any related interest and penalties would be classified as income taxes in the accompanying consolidated statements of operations.
See Note 10 &ndash; Income Taxes for more detail.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Share-Based Compensation</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In July&nbsp;2017, the Company&rsquo;s
Board of Directors approved the 2017 Incentive Stock Plan (the &ldquo;2017 Plan&rdquo;), which was amended and restated in December&nbsp;2021
to authorize the issuance of up to 10.0 million shares of common stock. The Company estimates the fair value of stock options using the
Black-Scholes valuation model, which requires certain assumptions that can materially impact the estimation of fair value and related
compensation expense. The assumptions used to estimate fair value include the price of our common stock, the expected volatility of our
common stock, the risk-free interest rate, and the expected term of stock option awards. Management elected to recognize forfeitures
as they occur pursuant to ASU 2016-09,&nbsp;<i>Compensation &mdash; Stock Compensation</i>. As a result, no forfeiture rate was assumed.
The fair value of restricted stock units is based on the fair value of the Company&rsquo;s common stock at the date of grant.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Segments</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Historically, the Company&rsquo;s
operations were organized into three reportable segments, fund management, development, and brokerage. During the three months ended
December&nbsp;31, 2023, the Company reevaluated its reportable segments, considering (i)&nbsp;the evolution of the Company after closing
its initial public offering and how the Company&rsquo;s chief operating decision maker (&ldquo;CODM&rdquo;), the Company&rsquo;s Chief
Executive Officer, assesses performance and allocates resources, (ii)&nbsp;changes to the budgeting process and in key personnel driven
by the Company&rsquo;s growth initiatives, and (iii)&nbsp;how management reports ongoing company performance to the Board of Directors.
With the evolution and growth of the Company, the Company&rsquo;s CODM assesses performance and resource allocation on an aggregate basis
under the Company&rsquo;s asset management platform, and no longer reviews operating results for development or brokerage activity separately.
As such, management concluded that the Company operates through one operating segment.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company&rsquo;s CODM
assesses revenue, operating expenses and key operating statistics to evaluate performance and allocate resources on a basis that eliminates
the impact of the consolidated investment funds (intercompany eliminations required by U.S. GAAP) and noncontrolling interests. Management
concluded that the consolidated investment funds do not meet the requirements in ASC 280, Segment Reporting, of operating segments, as
The Company&rsquo;s CODM does not review the operating results of these investment funds for the purposes of allocating resources, assessing
performance or determining whether additional investments or advances will be made to these funds. The investment funds are consolidated
based on the requirement in ASC 810, Consolidation, as the Company was determined to be the primary beneficiary of each of these variable
interest entities since it has the power to direct the activities of the entities and the right to absorb losses, generally in the form
of guarantees of indebtedness that are significant to the individual investment funds.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>




<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>CALIBERCOS INC. AND SUBSIDIARIES</b>&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Accounting Policies of Consolidated Funds</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Accounting for Real Estate Investments</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Upon the acquisition of
real estate properties, a determination is made as to whether the acquisition meets the criteria to be accounted for as an asset acquisition
or a business combination. The determination is primarily based on whether the assets acquired, and liabilities assumed meet the definition
of a business. The determination of whether the assets acquired, and liabilities assumed meet the definition of a business includes a
single or similar asset threshold. In applying the single or similar asset threshold, if substantially all the fair value of the gross
assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets, the assets acquired, and liabilities
assumed are not considered a business. Most of our consolidated fund acquisitions meet the single or similar asset threshold, due to
the fact that substantially all the fair value of the gross assets acquired is attributable to the real estate assets acquired.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Acquired real estate properties
accounted for as asset acquisitions are recorded at cost, including acquisition and closing costs. Our consolidated funds allocate the
cost of real estate properties to the tangible and intangible assets and liabilities acquired based on their estimated relative fair
values. Our consolidated funds determine the fair value of tangible assets, such as land, building, furniture, fixtures and equipment,
using a combination of internal valuation techniques that consider comparable market transactions, replacement costs and other available
information and fair value estimates provided by third-party valuation specialists, depending upon the circumstances of the acquisition.
Our consolidated funds determine the fair value of identified intangible assets or liabilities, which typically relate to in-place leases,
using a combination of internal valuation techniques that consider the terms of the in-place leases, current market data for comparable
leases, and fair value estimates provided by third-party valuation specialists, depending upon the circumstances of the acquisition.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">If a transaction is determined
to be a business combination, the assets acquired, liabilities assumed, and any identified intangibles are recorded at their estimated
fair values on the transaction date, and transaction costs are expensed in the period incurred.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Cost Capitalization and Depreciation</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our consolidated funds capitalize
costs, including certain indirect costs, incurred in connection with their development and construction activities. Included in these
capitalized costs are payroll costs associated with time spent by site employees in connection with capital addition activities at the
asset level. Interest, property taxes and insurance are also capitalized during periods in which redevelopment, development and construction
projects are in progress. Capitalization of costs, including certain indirect costs, incurred in connection with our capital addition
activities, commence at the point in time when activities necessary to get the assets ready for their intended use are in progress. This
includes when assets are undergoing physical construction, as well as when apartment homes are held vacant in advance of planned construction,
provided that other activities such as permitting, planning and design are in progress. Our consolidated funds cease the capitalization
of costs when the assets are substantially complete and ready for their intended use, which is typically when construction has been completed
and apartment homes or other properties are available for occupancy. Cost of ordinary repairs, maintenance and resident turnover are
charged to operating expense, as incurred.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Depreciation for all tangible
real estate assets is calculated using the straight-line method over the estimated useful lives of the assets. The estimated useful lives
of our real estate assets are as follows:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="width: 83%; padding-right: 2.65pt; padding-left: 0in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Building
    and building improvements</font></td>
    <td style="width: 17%; padding-right: 2.65pt; padding-left: 2.65pt; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">15
    &ndash; 40 years</font></td></tr>
  <tr style="vertical-align: bottom; background-color: white">
    <td style="padding-right: 2.65pt; padding-left: 0in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furniture,
    fixtures, and equipment</font></td>
    <td style="padding-right: 2.65pt; padding-left: 2.65pt; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3
    &ndash; 7 years</font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">For the years ended December&nbsp;31,
2023 and 2022, depreciation expense was $10.4&nbsp;million and $9.3&nbsp;million, respectively.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>CALIBERCOS INC. AND SUBSIDIARIES</b>&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Impairment of Long-Lived Assets</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Real estate and other long-lived
assets to be held and used are stated at cost, less accumulated depreciation and amortization, unless the carrying amount of the asset
is determined to not be recoverable. If events or circumstances indicate that the carrying amount of a long-lived asset may not be recoverable,
we make an assessment of its recoverability by comparing the carrying amount to our estimate of the undiscounted net future cash flows
resulting from the use of the asset, excluding interest charges. If the carrying amount exceeds the aggregate undiscounted future cash
flows, our consolidated funds recognize an impairment loss to the extent the carrying amount exceeds the estimated fair value of the
asset.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">For the years ended December&nbsp;31,
2023 and 2022, our consolidated funds did not record an impairment loss related to its real estate and other long-lived assets.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Cash</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Cash includes cash in bank
accounts. The consolidated funds deposit cash with several high-quality financial institutions. These deposits are guaranteed by the
FDIC up to an insurance limit of $250,000. At times, cash balances may exceed FDIC limits. Although the consolidated funds bear risk
on amounts in excess of those insured by the FDIC, they have not experienced and do not anticipate any losses due to the high quality
of the institutions where the deposits are held.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Restricted Cash</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Restricted cash consists
of tenant security deposits and cash reserves required by certain loan agreements for capital improvements and repairs. As improvements
and repairs are completed, related costs incurred by the consolidated funds are funded from the reserve accounts. Restricted cash also
includes cash held in escrow accounts by mortgage companies on behalf of the consolidated funds for payment of property taxes, insurance,
and interest.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Advance Key Money</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our consolidated funds have
entered into certain arrangements in which hotel franchisors or their affiliates have provided the consolidated funds with financing
as part of a franchise arrangement. The consolidated funds have been advanced funds upon entering into a franchise agreement and are
not required to repay the funds as long as the franchise agreement is not terminated prior to its scheduled maturity. The potential amount
of funds that would be required to be repaid decreases with the passage of time. The consolidated funds record a liability equal to the
initial amount of funds received, which is amortized over the term of the franchise agreement and recorded as a reduction of franchise
fee expense, which is included in consolidated funds - hospitality expenses in the accompanying consolidated statements of operations.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Deferred Financing Costs</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Deferred financing costs
represent costs incurred in connection with obtaining long-term debt and are capitalized and amortized over the term of the related debt
obligation using the straight-line method. Capitalized deferred financing costs, net of accumulated amortization, are offset against
and included in notes payable, net in the accompanying consolidated balance sheets.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&nbsp;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>CALIBERCOS INC. AND SUBSIDIARIES</b>&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Consolidated Fund Revenues</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>






<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In accordance with ASC 606,
our consolidated funds apply the five-step framework in determining the timing and amount of revenue to recognize. This framework requires
an entity to: (i)&nbsp;identify the contract(s)&nbsp;with customers, (ii)&nbsp;identify the performance obligations within the contract,
(iii)&nbsp;determine the transaction price, (iv)&nbsp;allocate the transaction price to the performance obligations within the contract,
and (v)&nbsp;recognize revenue when or as the entity satisfies a performance obligation. Our consolidated funds&rsquo; revenues primarily
consist of hospitality revenues, rental income and interest income.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Consolidated funds &ndash; hospitality revenue</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Hospitality revenues are
comprised of charges for room rentals, food and beverage sales, and other hotel operating activities. Revenues are recognized as earned,
which is defined as the date upon which a guest occupies a room or utilizes the hotel&rsquo;s services. Revenues are recorded net of
sales tax.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our consolidated funds have
performance obligations to provide accommodations and other ancillary services to hotel guests. As compensation for such goods and services,
the consolidated funds are typically entitled to a fixed nightly fee for an agreed upon period and additional fixed fees for any ancillary
services purchased. These fees are generally payable at the time the hotel guest checks out of the hotel. The consolidated funds generally
satisfy the performance obligations over time and recognize the revenue from room sales and from other ancillary guest services on a
daily basis, as the rooms are occupied, and the services have been rendered.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">For food and beverage, revenue
is recognized upon transfer of promised products or services to customers in an amount that reflects the consideration the consolidated
funds received in exchange for those services, which is generally when payment is tendered at the time of sale.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The consolidated funds receive
deposits for events and rooms. Such deposits are deferred and included in other liabilities on the accompanying consolidated balance
sheets. The deposits are credited to consolidated funds &ndash; hospitality revenue when the specific event takes place.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Consolidated funds &ndash; other revenue</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Consolidated funds &ndash;
other revenue includes rental revenue of $4.0&nbsp;million and $3.6&nbsp;million for the years ended December&nbsp;31, 2023 and 2022,
respectively. Rental revenue includes the revenues generated primarily by the rental operations of the residential (multi-family and
single-family) and commercial properties of our consolidated funds.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Upon adoption of ASC 842,
<i>Leases</i> (&ldquo;ASC 842&rdquo;), effective January&nbsp;1, 2022, at the inception of a new lease arrangement, including new leases
that arise from amendments, the Company assesses the terms and conditions to determine the proper lease classification. When the terms
of a lease effectively transfer control of the underlying asset, the lease is classified as a sales-type lease. When a lease does not
effectively transfer control of the underlying asset to the lessee, but the Company obtains a guarantee for the value of the asset from
a third-party, the Company classifies the lease as a direct financing lease. All other leases are classified as operating leases. The
consolidated funds did not have any sales-type or direct financing leases as of December&nbsp;31, 2023. For operating leases with minimum
scheduled rent increases, the consolidated funds recognize rental revenue on a straight-line basis, including the effect of any free
rent periods, over the lease term when collectability of lease payments is probable. Variable lease payments are recognized as rental
revenue in the period when the changes in facts and circumstances on which the variable lease payments are based occur.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>




<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>CALIBERCOS INC. AND SUBSIDIARIES</b>&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company identified two
separate lease components as follows: i) land lease component, and ii) single property lease component comprised of building, land improvements
and tenant improvements. The Company&rsquo;s leases also contain provisions for tenants to reimburse the consolidated funds for maintenance
and other property operating expenses, which are considered to be non-lease components. The Company elected the practical expedient to
combine lease and non-lease components and the non-lease components will be included with the single property lease component as the
predominant component.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In addition, consolidated
funds - other revenue includes interest income of $3.7&nbsp;million and $2.9&nbsp;million for the years ended December&nbsp;31, 2023
and 2022, respectively, which is generated by a consolidated fund&rsquo;s lending activity. Interest income is recognized on the accrual
basis of accounting in accordance with the lending agreements over the term of the respective loan agreement.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Consolidated Fund Expenses</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Consolidated fund expenses
consist primarily of costs, expenses and fees that are incurred by, or arise out of the operation and activities of or otherwise related
to, our consolidated funds, including, without limitation, operating costs, depreciation and amortization, interest expense on debt held
by our consolidated funds, gain on extinguishment of debt, gain on derivative instruments, insurance expenses, professional fees and
other costs associated with administering and supporting those funds.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Accounts Receivable</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Accounts receivable primarily
consists of amounts due from guests or groups for hotel rooms and services provided by the hotel properties. Accounts receivable also
include due, but unpaid, rental payments. Our consolidated funds continually review receivables and determine collectability by taking
into consideration the history of past write-offs, collections, current credit conditions, tenant payment history, the financial condition
of the tenants, business conditions in the industry in which the tenant operates and economic conditions in the area in which the property
is located. In the event that the collectability of a receivable is uncertain, our consolidated funds will record an increase in the
allowance for doubtful accounts. Amounts that are determined to be uncollectible with a high degree of certainty are written-off through
bad debt expense, which is included in consolidated funds &ndash; hospitality expenses and consolidated funds &ndash; other expenses
on the accompanying consolidated statements of operations. Our consolidated funds had no allowance for doubtful accounts as of December&nbsp;31,
2023 and 2022.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Derivative Instruments</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The consolidated funds record
all derivative instruments on the consolidated balance sheets at fair value. The accounting for changes in the fair value of the derivative
and the effect on the financial statements depends on its hedge designation and whether the hedge is highly effective in achieving offsetting
changes in the fair value of cash flows of the asset or liability hedged. If the consolidated fund elects not to apply hedge accounting
treatment, any changes in the fair value of the derivative instruments is recognized immediately in consolidated funds - hospitality
expenses in the consolidated statements of operations. If the derivative is designated and qualifies for hedge accounting treatment,
the change in fair value of the derivative is recorded in other comprehensive income (loss).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Fair Value of Financial Instruments</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The fair value of financial
instruments is disclosed in accordance with ASC 825,&nbsp;<i>Financial Instruments</i>. The fair value of our financial instruments is
estimated using available market information and established valuation methodologies. The estimates of fair value are not necessarily
indicative of the amounts the consolidated funds could realize on disposition of the financial instruments. The use of different market
assumptions and/or valuation methodologies may have a material effect on the estimated fair value amounts.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>CALIBERCOS INC. AND SUBSIDIARIES</b>&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Fair Value Measurements</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Fair value measurements
and disclosures consist of a three level valuation hierarchy. The valuation hierarchy categorizes assets and liabilities measured at
fair value into one of three different levels depending on the ability to observe the inputs employed in the measurement using market
participant assumptions at the measurement date. An asset&rsquo;s or liability&rsquo;s categorization within the valuation hierarchy
is based upon the lowest level of input that is significant to the fair value measurement. The three levels are defined as follows:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">&middot;</font></td><td style="text-align: justify">Level
                                            1 &ndash; Inputs are quoted prices in active markets for identical assets or liabilities
                                            that can be accessed at the measurement date.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">&middot;</font></td><td style="text-align: justify">Level
                                            2 &ndash; Inputs include quoted prices included within Level 1 that are observable for the
                                            asset or liability either directly or indirectly. If the asset or liability has a specified
                                            (contractual) term, a Level 2 input must be observable for substantially the full term of
                                            the asset or liability.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">&middot;</font></td><td style="text-align: justify">Level
                                            3 &ndash; Unobservable inputs for the asset or liability. These unobservable inputs reflect
                                            assumptions about what market participants would use to price the asset or liability and
                                            are developed based on the best information available in the circumstances (which might include
                                            the reporting company&rsquo;s own data)</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>CALIBERCOS INC. AND SUBSIDIARIES</b>&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Recent Accounting Pronouncements</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>






<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company adopted ASU
2016-13, Financial Instruments &ndash; Credit Losses and subsequent amendments (collectively, &ldquo;Topic 326&rdquo;), effective January&nbsp;1,
2023. Topic 326 was intended to improve financial reporting by requiring more timely recognition of credit losses on loans and other
financial instruments that are not accounted for at fair value through net income and required that financial assets measured at amortized
cost be presented at the net amount expected to be collected, through an allowance for credit losses that was deducted from the amortized
cost basis. The amendments in Topic 326 required the Company to measure all expected credit losses based upon historical experience,
current conditions, and reasonable and supportable forecasts that affect the collectability of the financial assets and eliminated the
 &ldquo;incurred loss&rdquo; methodology under current U.S. GAAP. Loans and receivables between entities under common control are not
within the scope of this guidance. The adoption of this guidance did not have a material impact on the Company&rsquo;s consolidated financial
statements.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In August&nbsp;2020, the
Financial Accounting Standards Board (&ldquo;FASB&rdquo;) issued ASU 2020-06,&nbsp;<i>Debt &ndash; Debt with Conversion and Other Options
(Subtopic 470-20) and Derivatives and Hedging &ndash; Contracts in Entity&rsquo;s Own Equity (Subtopic 815-40)</i>, which simplifies
the accounting for convertible instruments by reducing the number of accounting models for convertible debt instruments and convertible
preferred stock, removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception
and also simplifies the diluted earnings per share calculation in certain areas. The amendments in ASU 2020-06 are effective for the
Company for reporting periods beginning after December&nbsp;15, 2023, including interim periods within those fiscal years, with early
adoption permitted beginning after December&nbsp;15, 2020. We are currently evaluating the impact of ASU 2020-06, but do not believe
the adoption of this standard will have a material impact on our consolidated financial statements.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In November&nbsp;2023, FASB
issued ASU 2023-07, <i>Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures</i>, which serves to improve reportable
segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses on both an annual and interim
basis. The guidance does not change the definition of a segment, the method for determining segments, or the criteria for aggregating
operating segments into reportable segments and is effective for fiscal years beginning after December&nbsp;15, 2023, and interim periods
within fiscal years beginning after December&nbsp;15, 2024, with early adoption permitted. We are currently evaluating the impact of
the adoption of ASU 2023-07 on our consolidated financial statements.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In December&nbsp;2023, the
FASB issued ASU 2023-09,&nbsp;<i>Improvements to Income Tax Disclosures (Topic 740,&nbsp;Income Taxes)</i>. ASU 2023-09, which serves
to enhance income tax disclosures by requiring a tabular rate reconciliation and additional information on income taxes paid. The guidance
is effective for annual periods beginning after December&nbsp;15, 2024, with early adoption permitted. We are currently evaluating the
impact of the adoption of ASU 2023-09 on our consolidated financial statements.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Note 3 &ndash; VIEs</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">During the year ended December&nbsp;31,
2023, the Company deconsolidated five hospitality funds which were contributed to the Caliber Hospitality, LP, whose sole general partner
is Caliber Hospitality Trust,&nbsp;Inc. (the &ldquo;Caliber Hospitality Trust&rdquo;). In addition, the Company deconsolidated two VIEs,
one that sold its investment in a commercial property and the Company was no longer determined to be the primary beneficiary upon repayment
of the loan secured by the property, and one that was developing a multi-family property and the Company was no longer determined to
be the primary beneficiary upon refinancing the loan agreement. During the year ended December&nbsp;31, 2022, the Company deconsolidated
two VIEs, one that sold its investment in a multi-family residential property, repaid the loan secured by the property and therefore
the Company was no longer determined to be the primary beneficiary and one that was developing a multi-family property and the Company
was no longer determined to be the primary beneficiary upon refinancing the loan agreement. We aggregate and report the results of operations
of these VIEs in consolidated fund revenues and consolidated fund expenses within the accompanying consolidated statements of operations
through the date of deconsolidation.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>CALIBERCOS INC. AND SUBSIDIARIES</b>&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company consolidated
Caliber Hospitality, LP and the Caliber Hospitality Trust, which include activity from five previously consolidated hospitality funds
and one previously unconsolidated fund during the year ended December&nbsp;31, 2023 because the Company was determined to be the primary
beneficiary as it has the power to direct the activities and the obligation to absorb their losses through its guarantee of the indebtedness
secured by the hospitality assets, which is significant to Caliber Hospitality Trust and Caliber Hospitality, LP. In addition, the Company
consolidated West Frontier Holdco, LLC (&ldquo;West Frontier&rdquo;) as the Company was determined to be the primary beneficiary as we
have the power to direct the activities of West Frontier and the obligation to absorb their losses through its guarantee of their indebtedness
which is significant to the fund. The consolidation of the Caliber Hospitality Trust and West Frontier consisted of the following, excluding
intercompany eliminations at the time of consolidation (in thousands):</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif">Assets</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; width: 87%; font: 10pt Times New Roman, Times, Serif; text-align: left">Real estate investments,
    net</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">87,897</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif">Cash</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">3,667</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Restricted cash</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">9,260</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Accounts receivable, net</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">4,348</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Notes receivable - related parties</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">10,411</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Due from related parties</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">40</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Investments in unconsolidated entities</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">84,076</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Operating lease - right of use assets</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">8,775</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Prepaid and other
    assets</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">5,953</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left; padding-bottom: 2.5pt">Total assets</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">214,427</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif">Liabilities</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Notes payable, net</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">80,278</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Notes payable - related parties</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">34,786</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Accounts payable and accrued expenses</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">7,858</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Due to related parties</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">10,302</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Operating lease liabilities</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">12,441</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Other liabilities</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">2,158</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: bold 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left">Total liabilities</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">147,823</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: bold 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left; padding-bottom: 1pt">Stockholders&rsquo;
    equity</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">66,604</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; padding-left: 0.375in; text-align: left; padding-bottom: 2.5pt">Total liabilities
    and stockholders&rsquo; equity</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">214,427</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>CALIBERCOS INC. AND SUBSIDIARIES</b>&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">During the year ended December&nbsp;31,
2022, the Company consolidated Northsight Crossing AZ, LLC (&ldquo;Northsight&rdquo;) and Southpointe Fundco, LLC (&ldquo;Southpointe&rdquo;)
because the Company was determined to be the primary beneficiary as we have the power to direct the activities of Northsight and Southpointe
and the obligation to absorb their losses through its guarantee of their indebtedness which is significant to the fund. The consolidation
of Northsight and Southpointe consisted of the following (in thousands) at the time of consolidation:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif">Assets</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; width: 87%; font: 10pt Times New Roman, Times, Serif; text-align: left">Real estate investments,
    net</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">23,611</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif">Cash</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">233</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Restricted cash</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,325</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Prepaid and other
    assets</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">748</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: bold 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left; padding-bottom: 2.5pt">Total assets</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">25,917</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: bold 10pt Times New Roman, Times, Serif">Liabilities</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Notes payable, net</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">15,824</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Notes payable - related parties</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">5,301</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Accounts payable and accrued expenses</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">109</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Due to related parties</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">7</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Other liabilities</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">688</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: bold 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left">Total liabilities</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">21,929</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: bold 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left; padding-bottom: 1pt">Stockholders&rsquo;
    equity</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">3,988</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; padding-left: 0.375in; text-align: left; padding-bottom: 2.5pt">Total liabilities
    and stockholders&rsquo; equity</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">25,917</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Management has determined
that the equity holders in our consolidated entities, as a group, lack the power to direct the activities that most significantly impact
the entity&rsquo;s economic performance and/or have disproportionate voting rights relative to their equity. The Company was determined
to be the primary beneficiary of each of these entities since it has the power to direct the activities of the entities and the right
to absorb losses, generally in the form of guarantees of indebtedness that are significant to the individual entities.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Generally, the assets of
the individual consolidated VIEs can be used only to settle liabilities of each respective individual consolidated VIEs and the liabilities
of the individual consolidated VIEs are liabilities for which creditors or beneficial interest holders do not have recourse to the general
credit of the Company. When the VIE is consolidated, we reflect the assets, liabilities, revenues, expenses and cash flows of the consolidated
funds on a gross basis, and the interests in the VIEs are included in non-controlling interest in the consolidated financial statements.
The Company has provided financial support to certain consolidated VIEs in the form of short-term financing and guarantees of the debts
of certain VIEs. In general, our maximum exposure to loss due to involvement with the consolidated VIEs is limited to the amount of capital
investment in the VIE, if any, or the potential obligation to perform on the guarantee of debts.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>CALIBERCOS INC. AND SUBSIDIARIES</b>&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Note 4 &ndash; Real Estate Investments</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Real Estate Investments of the Company</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Asset Acquisitions</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">During the year ended December&nbsp;31,
2023, the Company acquired its headquarters office building for an aggregate purchase price of $19.5&nbsp;million with the acquisition
being accounted for as an asset acquisition under U.S. GAAP. There were no asset acquisitions by the Company during the year ended December&nbsp;31,
2022.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The allocation of the purchase
price among the assets acquired at their relative fair value as of the acquisition date, consisted of the following for the year ended
December&nbsp;31, 2023 (in thousands):</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Year Ended
    <br>
    December&nbsp;31, 2023</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Real estate investments, at cost</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="width: 80%; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.125in">Land and land improvements</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 17%; font: 10pt Times New Roman, Times, Serif; text-align: right">9,131</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.125in">Building and building improvements</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">9,332</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.125in">Furniture, fixtures and equipment</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">959</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.125in">Intangible lease assets</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">398</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; padding-left: 0.125in">Intangible lease
    liabilities</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(348</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt; padding-left: 0.25in">Total purchase
    price of assets acquired</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">19,472</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Real Estate Investments of the Consolidated
Funds</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Asset Acquisitions
by Consolidated Funds</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">During the year ended December&nbsp;31,
2023, the consolidated funds acquired one multi-family residential property for an aggregate purchase price of $6.6&nbsp;million with
the acquisition being accounted for as an asset acquisition under U.S. GAAP. During the year ended December&nbsp;31, 2022, the consolidated
funds acquired one commercial building and one property with vacant land for an aggregate purchase price of $23.8&nbsp;million with the
acquisition being accounted for as an asset acquisition under U.S. GAAP.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The allocation of the purchase
price among the assets acquired at their relative fair value as of the acquisition date, consisted of the following for the years ended
December&nbsp;31, 2023 and 2022 (in thousands):</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="6" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Years Ended
    December&nbsp;31,</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">2023</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">2022</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0in">Real estate investments, at cost</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="width: 74%; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 9pt">Land and land improvements</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">599</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">13,185</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 9pt">Building and building improvements</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">3,938</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">10,458</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 9pt">Furniture, fixtures and equipment</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">2,106</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; padding-left: 9pt">Tenant improvements</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">123</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt; padding-left: 0.25in">Total purchase
    price of assets acquired</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">6,643</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">23,766</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>CALIBERCOS INC. AND SUBSIDIARIES</b>&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Dispositions by Consolidated
Funds</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">During the year ended December&nbsp;31,
2023, the consolidated funds sold its investment in one commercial property located in Scottsdale, Arizona, with a cost basis of $21.7&nbsp;million,
resulting in a gain of $5.0&nbsp;million, which is included in consolidated funds - gain on sale of real estate assets on the accompanying
consolidated statements of operations. During the year ended December&nbsp;31, 2022, the consolidated funds sold its investment in one
multi-family apartment building located in Phoenix, Arizona, with a cost basis of $9.1&nbsp;million, resulting in a gain of $21.5&nbsp;million,
which is included in consolidated funds - gain on sale of real estate assets on the accompanying consolidated statements of operations.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Note 5 &ndash; Prepaid and Other Assets</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Prepaid and Other Assets of the Company</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Prepaid and other assets
consisted of the following as of December&nbsp;31, 2023 and 2022 (in thousands):</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="white-space: nowrap; font-size: 10pt">&nbsp;</td><td style="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">December&nbsp;31,
    2023</td><td style="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td><td style="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">December&nbsp;31,
    2022</td><td style="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 66%; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuit
    costs <sup>(1)</sup></font></td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 14%; font: 10pt Times New Roman, Times, Serif; text-align: right">1,081</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 14%; font: 10pt Times New Roman, Times, Serif; text-align: right">4,495</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Prepaid expenses</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">981</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">704</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Accounts receivable, net</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">205</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">62</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif">Deposits</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">63</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">46</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Other assets</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">451</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">554</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt">Total prepaid
    and other assets</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">2,781</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">5,861</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<!-- Field: Rule-Page --><div style="width: 25%"><div style="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuit
                                            costs represent expenses incurred related to new fund formation, primarily for professional,
                                            legal, consulting, accounting and tax services. As the funds raise equity investments and
                                            operating cash flow, as applicable, these costs are reimbursed by the respective funds to
                                            the Company. The Company assesses collectability and expenses any amounts in which collectability
                                            is not reasonably assured.</font></td>
</tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Prepaid and Other Assets of the Consolidated
Funds</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Prepaid and other assets
of the consolidated funds consisted of the following as of December&nbsp;31, 2023 and 2022 (in thousands):</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">December&nbsp;31,
    2023</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">December&nbsp;31,
    2022</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 66%; font: 10pt Times New Roman, Times, Serif; text-align: left">Prepaid expenses</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 14%; font: 10pt Times New Roman, Times, Serif; text-align: right">1,735</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 14%; font: 10pt Times New Roman, Times, Serif; text-align: right">1,511</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Derivative assets</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,216</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,646</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuit
    costs <sup>(1)</sup></font></td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,102</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">549</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif">Deposits</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">669</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">742</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Deferred franchise fees, net</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">278</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">372</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Intangibles, net</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">184</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">361</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif">Inventory</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">142</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">138</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
    assets <sup>(2)</sup></font></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">6,351</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">39</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt">Total prepaid
    and other assets</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">11,677</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">5,358</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left">(1)</td><td style="text-align: justify">Pursuit costs represent expenses incurred related
                                            to new fund formation and potential hospitality asset acquisitions, primarily for professional,
                                            legal, consulting, accounting and tax services. As the funds raise equity investments and
                                            operating cash flow, as applicable, these costs are reimbursed by the respective funds to
                                            the consolidated fund. Management assesses collectability and expenses any amounts in which
                                            collectability is not reasonably assured.</td>
</tr>
<tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left">(2)</td><td style="text-align: justify">Other assets as of December&nbsp;31, 2023, primarily
                                            represents incremental costs, including professional, legal, consulting, accounting and tax
                                            services, directly attributable to Caliber Hospitality Trust that are deferred and will be
                                            charged against the gross proceeds of the offering.</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>CALIBERCOS INC. AND SUBSIDIARIES</b>&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Note 6 &ndash; Notes Payable</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Notes Payable of the Company</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Notes payable consisted
of the following as of December&nbsp;31, 2023 and 2022 (in thousands):</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif">Notes Payable</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">December&nbsp;31,
    2023</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">December&nbsp;31,
    2022</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Interest
    Rate <sup>(1)</sup></b></font></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Maturity
    Date <sup>(1)</sup></b></font></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 21%; font: 10pt Times New Roman, Times, Serif; text-align: left">Corporate notes</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 17%; font: 10pt Times New Roman, Times, Serif; text-align: right">36,442</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 17%; font: 10pt Times New Roman, Times, Serif; text-align: right">13,279</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 17%; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.00%
    - 12.00%</font></td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 19%; font: 10pt Times New Roman, Times, Serif; text-align: center">January&nbsp;2024 - March&nbsp;2025</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Convertible corporate notes</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,324</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,374</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">8.25%</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"></td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">April&nbsp;2024</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Real estate and
    other loans</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">16,252</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.30%
    - 9.07%</font></td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt">August&nbsp;2024 - November&nbsp;2029</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Total notes payable</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">54,018</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">14,653</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: center">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Deferred financing costs, net</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(219</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: center">&nbsp;</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt">Total notes payable, net</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">53,799</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">14,653</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: center">&nbsp;</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">(1)&nbsp; As
of December&nbsp;31, 2023.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Real Estate Loans</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The terms of the loan agreements
described below include, among other things, certain financial covenants, as defined in the respective loan agreements, including key
financial ratios and liquidity requirements.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Gateway II HoldCo, LLC</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">On January&nbsp;31, 2023,
Caliber assumed a loan which is secured by the Company&rsquo;s headquarters office building (see Note 4 &ndash; Real Estate Investments).
The terms of the note require monthly principal and interest payments, with a balloon payment due at maturity. The loan has a fixed interest
rate of 4.30% in effect through the maturity date in November&nbsp;2029. The terms of the loan do not allow the prepayment of the outstanding
balance in part or in whole at any time prior to the maturity date. The terms of the loan agreement include covenant clauses, which require
certain key financial ratios and liquidity be met. As of December&nbsp;31, 2023, the debt service coverage ratio required by the loan
agreement was not satisfied, which per the terms of the agreement required the Company to transfer funds to a cash management account.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Corporate Notes and
Convertible Corporate Notes</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company has entered
into multiple general corporate financing arrangements with third parties. The arrangements are generally evidenced in the form of a
promissory note and require monthly or quarterly interest-only payments until maturity. Certain corporate notes are secured by the otherwise
unencumbered assets of the Company. The loans generally have a 12-month term and may be extended upon the mutual agreement of the lender
and the borrower. Management believes it can come to a mutual agreement with each lender to extend the maturities of the notes for an
additional 12-month term.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>CALIBERCOS INC. AND SUBSIDIARIES</b>&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">As of December&nbsp;31,
2023, there were 222 individual corporate notes outstanding, with an average outstanding principal balance of $0.2 million, interest
rates ranging from 8.25% to 12.00%, with weighted average interest rate of 11.42%, and maturity dates ranging from January&nbsp;2024
to March&nbsp;2025. During the year ended December&nbsp;31, 2023, there were no conversions of debt into common stock. In April&nbsp;2024,
the Company entered into a loan extension agreement with certain corporate note holders to extend the respective maturity dates of multiple
individual corporate notes, aggregating $12.3 million, for an additional 13 months months, resulting in maturity dates of these corporate
notes ranging from May&nbsp;2025 to April&nbsp;2026.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">As of December&nbsp;31,
2022, there were 124 individual corporate notes outstanding, with an average outstanding principal balance of $0.1 million, interest
rates ranging from 8.25% to 12.00%, with a weighted average interest rate of 10.19%, and maturity dates ranging from April&nbsp;2023
to June&nbsp;2024.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company has issued corporate
notes with a conversion feature. The conversion price is $7.57 per share of common stock. The holders of the convertible corporate notes
can elect to convert all or any portion of the balance at any time. As of December&nbsp;31, 2023 and 2022, the value of the conversion
feature was zero.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><b><i>Payroll Protection Program Loans</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In January&nbsp;2021, management was granted
a Payroll Protection Program loan totaling $1.4&nbsp;million and in August&nbsp;2022, the loan and related interest was forgiven.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Future Minimum Payments</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The following table summarizes
the scheduled principal repayments of our indebtedness as of December&nbsp;31, 2023 (in thousands):</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">Year</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Amount</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 76%; text-align: left">2024</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 20%; font: 10pt Times New Roman, Times, Serif; text-align: right">37,984</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">2025</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">391</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">2026</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">304</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">2027</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">317</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">2028</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">330</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Thereafter</font></td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">14,692</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</font></td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">54,018</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Deferred Financing Costs</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Amortization of deferred
financing costs for the Company was an immaterial amount and there were no deferred financing cost write-offs during the year ended December&nbsp;31,
2023. There were no deferred financing costs or related amortization as of or during the year ended December&nbsp;31, 2022.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>CALIBERCOS INC. AND SUBSIDIARIES</b>&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Notes Payable of the Consolidated Funds</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Notes payable of the consolidated
funds consisted of the following as of December&nbsp;31, 2023 and 2022, respectively (in thousands):</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">Notes Payable</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">December&nbsp;31,
    2023</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">December&nbsp;31,
    2022</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Interest
    Rate <sup>(1)</sup></b></font></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Maturity
    date <sup>(1)</sup></b></font></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Real Estate Loans</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="width: 36%; font: 10pt Times New Roman, Times, Serif; text-align: left">Hampton Inn&nbsp;&amp; Suites Hotel</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 14%; font: 10pt Times New Roman, Times, Serif; text-align: right">5,939</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 14%; font: 10pt Times New Roman, Times, Serif; text-align: right">6,136</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 14%; font: 10pt Times New Roman, Times, Serif; text-align: center">6.12%</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 14%; font: 10pt Times New Roman, Times, Serif; text-align: center">July&nbsp;2025</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Four
    Points by Sheraton Hotel <sup>(2)</sup></font></td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">11,000</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">11,000</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">18.00%</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">September&nbsp;2023</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Holiday Inn Ocotillo Hotel</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">9,250</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">9,250</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">11.34%</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">February&nbsp;2024</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Airport Hotel Portfolio</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">55,631</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">56,470</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">13.75%</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">January&nbsp;2025</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">DoubleTree by Hilton Tucson Convention Center</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">18,418</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">18,856</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">4.22%</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">August&nbsp;2027</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Hilton Tucson East</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">11,901</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><sup>(3)</sup></td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">6.25%</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">November&nbsp;2025</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">DT Mesa Holdco II, LLC</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">3,000</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">3,000</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">7.34%</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">February&nbsp;2024</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Circle Lofts, LLC</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><sup>(4)</sup></td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">4,889</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">N/A</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">N/A</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Northsight Crossings AZ, LLC</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><sup>(5)</sup></td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">14,320</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">N/A</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">N/A</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Southpointe Fundco, LLC</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,050</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,050</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">11.99%</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">March&nbsp;2024</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">West Frontier Holdco, LLC</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">4,636</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><sup>(6)</sup></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt">6.35%</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt">February&nbsp;2038</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Total Real Estate Loans</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">120,825</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">124,971</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Revolving line of credit</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">4,500</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">4,500</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">8.75%</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">October&nbsp;2024</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Member notes</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">5,600</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">5,025</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">10.00%</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">June&nbsp;2025</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Economic injury
    disaster and other&nbsp;&nbsp;loans</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">475</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">450</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt">3.75% - 12.05%</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt">March&nbsp;2024 - June&nbsp;2050</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Total notes payable</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">131,400</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">134,946</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Deferred financing costs, net</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(1,716</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(690</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt">Total notes payable, net</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">129,684</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">134,256</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0"></td><td style="width: 0.25in; text-align: left">(1)</td><td style="text-align: justify">As of December&nbsp;31,
                                            2023.</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0"></td><td style="width: 0.25in; text-align: left">(2)</td><td style="text-align: justify">During the year ended December&nbsp;31,
                                            2023, the hotel ceased operations as the Company is converting the property into a multi-family
                                            residential assets.</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0"></td><td style="width: 0.25in; text-align: left">(3)</td><td style="text-align: justify">In March&nbsp;2023, the
                                            asset was contributed to Caliber Hospitality, LP and the fund was consolidated because the
                                            Company was determined to be the primary beneficiary as we have the power to direct the activities
                                            and the obligation to absorb their losses through its guarantee of the indebtedness secured
                                            by the hospitality assets, which is significant to Caliber Hospitality, LP and the Caliber
                                            Hospitality Trust.</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0"></td><td style="width: 0.25in; text-align: left">(4)</td><td style="text-align: justify">During the year ended December&nbsp;31,
                                            2023, the Company deconsolidated Circle Lofts, LLC, as the Company was no longer determined
                                            to be the primary beneficiary of the fund upon refinancing the loan agreement.</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0"></td><td style="width: 0.25in; text-align: left">(5)</td><td style="text-align: justify">In October&nbsp;2023, Northsight
                                            Crossings AZ, LLC sold its investment in the commercial property and paid its existing property
                                            loan in full. As a result, the Company determined it was no longer the primary beneficiary
                                            of the fund and therefore the fund was deconsolidated.</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.25in">(6)</td><td style="text-align: justify">In March&nbsp;2023, the fund was consolidated
                                            as the Company was determined to be the primary beneficiary as we have the power to direct
                                            the activities of West Frontier and the obligation to absorb their losses through its guarantee
                                            of their indebtedness which is significant to the fund.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>CALIBERCOS INC. AND SUBSIDIARIES</b>&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Real Estate Loans</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>






<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The terms of the loan agreements
described below include, among other things, certain financial covenants, as defined in the respective loan agreements, including key
financial ratios and liquidity requirements. Unless otherwise noted below, the consolidated funds were in compliance with the required
financial covenants as of December&nbsp;31, 2023.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Hampton Inn&nbsp;&amp; Suites
Hotel</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In July&nbsp;2015, the consolidated
fund entered into a loan agreement which is secured by a leasehold deed of trust and assignment of leases and rents of a hotel property
in Scottsdale, Arizona. The terms of the note require monthly principal and interest payments, with a balloon payment due at maturity.
The loan has a fixed interest rate of 6.12% in effect through the maturity date in July&nbsp;2025. The terms of the loan allow the prepayment
of the outstanding balance in part or in whole at any time prior to the maturity date. The loan is guaranteed by an individual who is
an affiliate of the Company. The terms of the loan agreement include covenant clauses, which require certain key financial ratios and
liquidity be met. As of December&nbsp;31, 2023, liquidity required by the loan agreement was not satisfied. However, compliance was reestablished
in January&nbsp;2024 and the lender has not declared an event of default as of April&nbsp;15, 2024.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Four Points by Sheraton
Hotel</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In June&nbsp;2018, the consolidated
fund entered into a loan agreement which is secured by a deed of trust and assignment of leases and rents of a hotel property in Phoenix,
Arizona. The loan requires monthly interest-only payments until maturity. The loan is guaranteed by the Company and matured in September&nbsp;2023.
Per the terms of this agreement, the interest rate on the loan is equal to US Prime Rate plus 2.25%, with a floor rate of 9.65%, until
August&nbsp;31, 2023, at which time, the interest rate increased to 18% until the loan is paid in full or replaced with construction
financing from the lender. The lender has not called the loan as of April&nbsp;15, 2024 and the consolidated fund is current on monthly
interest payments. The Company is negotiating a construction loan and expects to repay the loan upon execution of the construction loan.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Holiday Inn Ocotillo Hotel</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In July&nbsp;2018, the consolidated
fund entered into a loan agreement which is secured by a deed of trust and assignment of leases and rents of a hotel property in Chandler,
Arizona. The loan requires monthly interest-only payments. The interest rate on the loan is equal to 1-month LIBOR plus 6.00%, with a
floor rate of 11.00% until maturity in May&nbsp;2023. In May&nbsp;2023, the loan agreement was amended and restated with the lender,
extending the maturity date to November&nbsp;2023 and amending the interest rate to SOFR plus 600 basis points, with a floor rate of
11.00%. In November&nbsp;2023, the loan agreement was amended with the lender, extending the maturity date to February&nbsp;1, 2024 The
loan is guaranteed by the Company. In February&nbsp;2024, the loan agreement was amended with the lender, extending the maturity date
to May&nbsp;2024.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Airport Hotel Portfolio</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In September&nbsp;2018,
the consolidated fund entered into a portfolio loan agreement which was secured by a deed of trust and assignment of leases and rents
of the Airport Hotel Portfolio. The loan had a variable interest rate equal to one-month LIBOR plus 3.75% and the loan required interest-only
payments until maturity. The loan was guaranteed by the Company and individuals who are affiliates of the Company. In January&nbsp;2023,
the consolidated fund paid the loan amount outstanding in full.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>CALIBERCOS INC. AND SUBSIDIARIES</b>&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In January&nbsp;2023, the
consolidated fund entered into a loan agreement which is secured by a deed of trust and assignment of leases and rents of the Airport
Hotel Portfolio. Per the terms of the loan agreement, the loan has a variable interest rate equal to SOFR plus 8.75% and matures in January&nbsp;2025.
In connection with the loan, the consolidated fund entered into an interest rate cap agreement, which sets the maximum SOFR rate for
the loan at 5.00% through January&nbsp;2024. The loan requires interest-only payments until maturity. The terms of the loan do not allow
the prepayment of the outstanding balance in part prior to the maturity date but can be prepaid in whole subject to certain conditions,
terms and fees outlined in the loan agreement. The terms of the loan agreement require an exit fee equal to 1.25% of the original principal
amount of the loan and a minimum return equal to 30.0% of the original principal amount of the loan less any interest payments made at
the time the loan is repaid in full. The exit fee was accrued upon entering into the loan and recorded as a deferred financing cost to
be amortized over the life of the loan. The loan is guaranteed by the Company and individuals who are affiliates of the Company.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">DoubleTree by Hilton Tucson
Convention Center</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In August&nbsp;2019, the
consolidated fund entered into a loan agreement which is secured by a deed of trust and assignment of rents of the DoubleTree by Hilton
Tucson Convention Center located in Tucson, Arizona. The loan has a variable interest rate per annum equal to LIBOR plus 2.50%. In connection
with the loan, the consolidated fund entered into an interest rate swap agreement, which sets the interest at a fixed rate of 4.22% from
September&nbsp;2022 through August&nbsp;2027. The loan required interest-only payments until September&nbsp;2022 and principal and interest
payments thereafter until maturity. The terms of the loan allow for the prepayment of the outstanding balance in whole or in part at
any time prior to the maturity date. The loan matures in August&nbsp;2027 and is guaranteed by the Company.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Hilton Tucson East</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In November&nbsp;2021, the
consolidated fund entered into a loan agreement which is secured by the deed of trust and assignment of rents of the Hilton Tucson East
hotel located in Tucson, AZ. The loan has a fixed interest rate of 6.25% and matures in November&nbsp;2025. The loan required interest-only
payments until June&nbsp;1, 2023 and principal and interest payments thereafter until maturity. The loan amount may be prepaid prior
to maturity subject to certain conditions and terms and a prepayment fee as outlined in the agreement. The terms of the loan agreement
include covenant clauses, which require certain key financial ratios and liquidity be met. As of December&nbsp;31, 2023, the debt service
coverage ratio required by the loan agreement was not satisfied. However, the lender has not declared an event of default as of April&nbsp;15,
2024.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">DT Mesa Holdco II, LLC</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In November&nbsp;2019, the
consolidated fund entered into a loan agreement which is secured by the deed of trust of three commercial building in Mesa, Arizona.
The loan requires interest-only payments until maturity and the terms of the loan allow the prepayment of the outstanding balance in
part or in whole at any time prior to the maturity date with no prepayment penalty. In December&nbsp;2022, the terms of the loan agreement
were renegotiated, extending the maturity date of the loan to November&nbsp;2023 and amending the interest rate to the greater of (i)&nbsp;the
federal home loan bank rate plus 2.75%% or (ii)&nbsp;6.50%. In November&nbsp;2023, the loan agreement was amended with the lender, extending
the maturity date to February&nbsp;2024. The loan is guaranteed by the Company. In February&nbsp;2024, the loan agreement was amended
with the lender, extending the maturity date to May&nbsp;2024 and waiving the minimum liquidity covenant default.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>CALIBERCOS INC. AND SUBSIDIARIES</b>&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Circle Lofts, LLC</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In July&nbsp;2020, the consolidated
fund entered into a loan agreement which is secured by a deed of trust and assignment of rents of a multi-family property located in
Scottsdale, Arizona. The loan bore interest at a fixed annual rate of 5.25% until August&nbsp;1, 2023. On August&nbsp;1, 2023, and each
six months thereafter until the maturity date in August&nbsp;2050, the interest rate was adjusted to a rate which is equal to the sum
of the six-month LIBOR plus 3.75%. The loan required interest-only payments until July&nbsp;2021 and principal and interest payments
thereafter until maturity. The loan was guaranteed by individuals who are affiliates of the Company. In October&nbsp;2023, the consolidated
fund paid the loan amount outstanding in full.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In October&nbsp;2023, the
consolidated fund entered into a $6.3&nbsp;million loan agreement which is secured by a deed of trust and assignment of leases and rents
of a multi-family property located in Scottsdale, Arizona. Per the terms of the loan agreement, the loan has a fixed interest rate of
7.42% and requires interest-only payments until maturity in November&nbsp;2028. The terms of the loan allow the prepayment of the outstanding
balance prior to the maturity date, subject to certain conditions, terms and fees outlined in the loan agreement. The loan is not guaranteed
by the Company or any individuals who are affiliates of the Company, therefore, the Company deconsolidated Circle Lofts, LLC as the Company
was no longer determined to be the primary beneficiary upon refinancing the loan agreement.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Northsight Crossings AZ,
LLC</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In January&nbsp;2022, the
consolidated fund entered into a loan agreement which is secured by a deed of trust and assignment of rents of a commercial property
in Scottsdale, Arizona. The loan bore interest at an annual rate of 3.75% for the first five years, thereafter, the interest rate would
adjust annually to a rate which is equal to the sum of the published prime rate as defined by the agreement and a margin of 0.5% with
a floor of 3.75%. The maturity date of the loan was February&nbsp;2029. The loan was guaranteed by the Company. In October&nbsp;2023,
the consolidated fund sold its investment in the commercial property and paid its existing property loan in full.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Southpointe Fundco, LLC</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In June&nbsp;2022, the consolidated
fund entered into a loan agreement which is secured by a deed of trust and assignment of rents of a residential development property
in Phoenix, Arizona. The loan has a fixed rate per annum equal to 9.99%. In May&nbsp;2023, an extension agreement was executed with the
lender, extending the maturity date to December&nbsp;2023. In November&nbsp;2023, an extension agreement was executed with the lender,
extending the maturity date to March&nbsp;2024 and amending the interest to a fixed rate of 11.99%. The terms of the loan allow the prepayment
of the outstanding balance in part or in whole at any time prior to the maturity date with no prepayment penalty. The loan is guaranteed
by an individual who is an affiliate of the Company. In February&nbsp;2024, an extension agreement was executed with the lender, extending
the maturity date to September&nbsp;2024.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">West Frontier Holdco, LLC</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In March&nbsp;2023, the
consolidated fund entered into a construction loan agreement which is secured by a deed of trust and assignment of rents of a multi-family
residential property in Payson, Arizona. Upon completion of the construction project, subject to conditions in the agreement, the loan
converts to a term loan. The loan requires interest-only payments until March&nbsp;2025 and principal and interest payments until March&nbsp;2028,
at a fixed interest rate of 6.35%. In April&nbsp;2028, the loan requires principal and interest payments until maturity in February&nbsp;2038,
at a rate of the five year Treasury Constant Federal Reserve Index plus 2.50%. The terms of the loan allow the prepayment of the outstanding
balance in part or in whole at any time prior to the maturity date with no prepayment penalty. The loan is guaranteed by individuals
who are affiliates of the Company.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>CALIBERCOS INC. AND SUBSIDIARIES</b>&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Revolving Line of
Credit</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>






<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In August&nbsp;2019, a consolidated
fund entered into a revolving line of credit (&ldquo;LOC&rdquo;) with a maximum borrowing amount of $4.5 million. The LOC is secured
by the consolidated fund&rsquo;s assets and is guaranteed by the Company. The LOC has a variable interest rate equal to the greater of
(i)&nbsp;Wall Street Journal Prime Rate plus 0.25% per annum or (ii)&nbsp;4.75%, resulting in a rate of 8.75% as of December&nbsp;31,
2023. The Company is required to pay a fee of 0.20% of the unused revolving balance. In August&nbsp;2023, the agreement was amended extending
the maturity date of the LOC to October&nbsp;2024 and removing certain restrictive covenants. The terms of the LOC include certain financial
covenants and as of December&nbsp;31, 2023, the consolidated fund was in compliance with all such covenants.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Member Notes</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">During 2022 and the year
ended December&nbsp;31, 2023, the consolidated fund, Southpointe Fundco, LLC, entered into 10.0% unsecured promissory notes with individual
investors. The notes mature in June&nbsp;2025 and may be extended up to two additional 12-month periods by the fund manager. The notes
require quarterly interest-only payments. The terms of the notes allow the prepayment of the outstanding balance in part or in whole
at any time prior to the maturity date with no prepayment penalty.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Economic Injury Disaster
Loans</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In June&nbsp;2020, the consolidated
funds were granted Economic Injury Disaster Loans, which are secured by the assets of the respective funds and have a fixed interest
rate of 3.75% and mature in June&nbsp;2050. At each of December&nbsp;31, 2023 and December&nbsp;31, 2022, the outstanding principal balance
was $0.5 million. Fixed monthly installment payments began in December&nbsp;2022 with payments applied first to accrued interest and
then the balance, if any, will be applied to principal outstanding. The loans allow for prepayment of principal plus accrued interest
prior to maturity. The loan agreements contain certain usual and customary restrictions and covenants relating to, among other things,
insurance, and other indebtedness. In addition, the terms of the loans include a cross-default provision whereby the Small Business Administration
may, in its discretion, without notice or demand require immediate payment of all amounts outstanding under the loans.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Future Debt Maturities</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">As of December&nbsp;31,
2023, the future aggregate principal repayments due on the Company&rsquo;s notes payable are as follows (in thousands):</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">Year</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Amount</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 76%; text-align: left">2024</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 20%; font: 10pt Times New Roman, Times, Serif; text-align: right">29,698</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">2025</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">79,174</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">2026</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">555</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">2027</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">17,051</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">2028</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">72</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Thereafter</font></td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">4,850</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</font></td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">131,400</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Deferred Financing Costs</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Amortization of deferred
financing costs was $1.5 million and $0.7 million during the years ended December&nbsp;31, 2023 and 2022, respectively. There was $0.4&nbsp;million
and $0.1 million of deferred financing cost write-offs during the years ended December&nbsp;31, 2023 and 2022, respectively.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>CALIBERCOS INC. AND SUBSIDIARIES</b>&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Note 7 &ndash; Related Party Transactions</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>






<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Related Party Transactions of the Company</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Revenues</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The table below shows the
consolidated revenues earned for providing services under the Company&rsquo;s asset management platform as described in the Revenue Recognition
section of Note 2 &ndash; Summary of Significant Accounting Policies for the years ended December&nbsp;31, 2023 and 2022.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="6" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Years Ended
    December&nbsp;31,</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">2023</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">2022</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 74%; font: 10pt Times New Roman, Times, Serif">Fund set-up fees</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">370</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">5,897</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif">Fund management fees</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">5,115</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">4,497</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Financing fees</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">221</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">721</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Development and construction fees</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">4,025</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">2,444</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Brokerage fees</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">840</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">1,785</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left">Total asset management</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">10,571</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">15,344</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left; padding-bottom: 1pt">Performance allocations</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">3,639</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">2,543</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.375in; text-align: left; padding-bottom: 2.5pt">Total related
    party revenue</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">14,210</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">17,887</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">As of December&nbsp;31,
2023 and 2022, amounts due to the Company from related parties for services performed under the Company&rsquo;s asset management platform
was $7.8&nbsp;million, which is included in due from related parties on the accompanying consolidated balance sheets.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Other</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In the normal course of
business, the Company has various amounts due from and/or due to related parties, including affiliate entities and individuals, for various
expenses paid for by the Company on their behalf and other charges. These amounts are generally unsecured, interest-free, and due on
demand. As of December&nbsp;31, 2023 and 2022, other amounts due from related parties was $1.9&nbsp;million, which is included in due
from related parties on the accompanying consolidated balance sheets. As of December&nbsp;31, 2023 and 2022, other amounts due to related
parties from the Company were $0.3&nbsp;million and $0.2&nbsp;million, respectively, which are included in due to related parties on
the accompanying consolidated balance sheets.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Notes Receivable</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company entered into
unsecured promissory notes with related parties. No payments are required prior to the maturity of the notes. The notes may be prepaid
in whole, or in part, without penalty.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The following table summarizes
the notes payable &ndash; related parties as of December&nbsp;31, 2023 and 2022 (in thousands):</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">Notes Receivable -
    Related Parties</td><td style="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">December&nbsp;31,
    2023</td><td style="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td><td style="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">December&nbsp;31,
    2022</td><td style="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td><td style="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Interest
    Rate <sup>(1)</sup></b></font></td><td style="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td><td style="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Maturity
    Date <sup>(1)</sup></b></font></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 42%; font: 10pt Times New Roman, Times, Serif; text-align: left">Olathe Behavioral Health</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 12%; font: 10pt Times New Roman, Times, Serif; text-align: right">25</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 12%; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="width: 12%; font: 10pt Times New Roman, Times, Serif; text-align: right">12.00</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 12%; font: 10pt Times New Roman, Times, Serif; text-align: center">May&nbsp;2025</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">DFW Behavioral Health LLC</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">25</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">14.00</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt">May&nbsp;2025</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt">Total Notes Receivable - Related Parties</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">50</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0"></td><td style="width: 0.25in; text-align: left">(1)</td><td style="text-align: justify">As of December&nbsp;31,
                                            2023.</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>CALIBERCOS INC. AND SUBSIDIARIES</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">During the year ended December&nbsp;31,
2023, the Company earned an immaterial amount of interest in connection with the notes, which is included in interest income on the accompanying
consolidated statements of operations. Interest that accrues on certain related party notes receivable can be added to the principal
outstanding balance, due at the respective loan maturity date and incurs interest at the respective interest rate. There was an immaterial
amount of interest due to the Company as of December&nbsp;31, 2023.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Notes Payable</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company entered into
unsecured promissory notes with related parties. The notes may be repaid in whole, or in part, without penalty.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The following table summarizes
the notes payable &ndash; related parties as of December&nbsp;31, 2023 and 2022 (in thousands):</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">Notes Payable - Related Parties</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">December&nbsp;31,
    2023</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">December&nbsp;31,
    2022</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Interest
    Rate <sup>(1)</sup></b></font></td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Maturity
    Date <sup>(1)</sup></b></font></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 42%; text-align: left; padding-left: 0in">Caliber Residential Advantage
    Fund, LP</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 12%; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 12%; font: 10pt Times New Roman, Times, Serif; text-align: right">365</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="width: 12%; font: 10pt Times New Roman, Times, Serif; text-align: right">7.50</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: center; padding-left: 2.65pt">May&nbsp;2024</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; padding-left: 0in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Caliber
    Tax Advantaged Opportunity Fund II, LLC <sup>(2)</sup></font></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">12.00</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; padding-left: 2.65pt">January&nbsp;2024</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt; padding-left: 0in">Total Notes Payable
    - Related Parties</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">365</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<!-- Field: Rule-Page --><div style="margin-top: 3pt; margin-bottom: 3pt; width: 25%"><div style="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left">(1)</td><td style="text-align: justify">As of December&nbsp;31, 2023.</td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left">(2)</td><td style="text-align: justify">The Company entered into
                                            a $4.0&nbsp;million unsecured promissory note with a related party and subsequently repaid
                                            the note during the year ended December&nbsp;31, 2023.</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">During each of the years
ended December&nbsp;31, 2023 and 2022, the Company incurred an immaterial amount of interest expense in connection with the notes payable
 &ndash; related parties, which is included in interest expense on the accompanying consolidated statements of operations. There was no
interest payable due to related parties as of December&nbsp;31, 2023 and 2022.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Related Party Transactions of the Consolidated
Funds</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Notes Receivable</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The consolidated funds entered
into unsecured promissory notes with related parties. The notes may be repaid in whole, or in part, without penalty. The notes receivable
 &ndash; related parties consisted of the following as of December&nbsp;31, 2023 and 2022 (in thousands):</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">Notes Receivable - Related Parties</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt">&nbsp;</td><td style="padding-bottom: 1pt; font-size: 10pt">&nbsp;</td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">December&nbsp;31,
    2023</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">December&nbsp;31,
    2022</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Interest
    Rate<sup>(1)</sup></b></font></td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Maturity
    Date<sup>(1)</sup></b></font></td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 37%; font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -9pt; padding-left: 9pt">SF Alaska,
    LP</td><td style="width: 1%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 1%; font-size: 10pt; text-align: right">&nbsp;</td><td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 12%; font: 10pt Times New Roman, Times, Serif; text-align: right">14,976</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 12%; font: 10pt Times New Roman, Times, Serif; text-align: right">11,671</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="width: 12%; font: 10pt Times New Roman, Times, Serif; text-align: right">12.00</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">May&nbsp;2025</font></td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -9pt; padding-left: 9pt">The Ketch, LLC</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">7,198</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">5,152</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">12.00</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">May&nbsp;2024</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -9pt; padding-left: 9pt">Caliber Hospitality
    LP (Tucson East)</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><sup>(2)</sup></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">3,780</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">12.00</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">May&nbsp;2024</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -9pt; padding-left: 9pt">J-25 Development Group,
    LLC</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">4,804</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">3,794</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">12.00</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">May&nbsp;2024</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -9pt; padding-left: 9pt">Caliber Diversified
    Opportunity Fund II, LP</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">109</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">449</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">12.00</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">March&nbsp;2024</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -9pt; padding-left: 9pt">Encore, LLC</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,014</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">12.00</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December&nbsp;2024</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -9pt; padding-left: 9pt">Ridge II, LLC</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">846</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">845</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">12.00</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December&nbsp;2024</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -9pt; padding-left: 9pt">Southridge, LLC</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">2,187</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">13.00</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">July&nbsp;2025</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -9pt; padding-left: 9pt">Ironwood, LLC</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">2,703</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,524</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">13.00</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">September&nbsp;2025</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; padding-left: 0in">Circle Lofts, LLC</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><sup>(3)</sup></td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">1,797</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">12.00</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">May&nbsp;2024</font></td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt; padding-left: 0in">Total Notes Receivable
    - Related Parties</td><td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">34,620</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">28,229</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: center">&nbsp;</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>CALIBERCOS INC. AND SUBSIDIARIES</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left">(1)</td><td style="text-align: justify">As of December&nbsp;31, 2023.</td>
</tr>
<tr style="vertical-align: top; text-align: justify">
<td style="text-align: left">(2)</td><td style="text-align: justify">In March&nbsp;2023, the asset was contributed to Caliber Hospitality,
                                     LP and the fund was consolidated because the Company was determined to be the primary beneficiary
                                     as we have the power to direct the activities and the obligation to absorb their losses through
                                     its guarantee of the indebtedness secured by the hospitality assets, which is significant to Caliber
                                     Hospitality, LP and the Caliber Hospitality Trust.</td>
</tr>
<tr style="vertical-align: top; text-align: justify">
<td style="text-align: left">(3)</td><td style="text-align: justify">During the year ended December&nbsp;31, 2023, the Company deconsolidated
                                     Circle Lofts, LLC, as the Company was no longer determined to be the primary beneficiary of the
                                     fund upon refinancing the loan agreement.</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">During the years ended December&nbsp;31,
2023 and 2022, the consolidated fund earned $3.7&nbsp;million and $2.9&nbsp;million, respectively, of interest in connection with the
notes, which is included in consolidated funds &ndash; other revenues on the accompanying consolidated statements of operations. Interest
that accrues on certain related party notes receivable, in which the consolidated fund and respective borrower mutually agreed, is added
to the principal outstanding balance, due at the respective loan maturity date and incurs interest at the respective interest rate. No
interest was due to the Company as of December&nbsp;31, 2023 and 2022.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Notes Payable</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The consolidated funds entered
into unsecured promissory notes with related parties. The notes may be repaid in whole, or in part, without penalty. The notes payable
 &ndash; related parties consisted of the following as of December&nbsp;31, 2023 and 2022 (in thousands):</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">Notes Payable - Related Parties</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">December&nbsp;31,
    2023</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">December&nbsp;31,
    2022</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Interest
    Rate<sup>(1)</sup></b></font></td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Maturity
    Date<sup>(1)</sup></b></font></td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 40%; font: 10pt Times New Roman, Times, Serif; text-align: left">Roosevelt III HOLDCO, LLC</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 12%; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 12%; font: 10pt Times New Roman, Times, Serif; text-align: right">2,748</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="width: 12%; font: 10pt Times New Roman, Times, Serif; text-align: right">12.00</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">March&nbsp;2024</font></td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">CDIF, LLC</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,725</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">12.00</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">May&nbsp;2024</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Caliber Tax Advantaged Opportunity Zone Fund, LP</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">8,012</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">2,500</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">12.00</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">June&nbsp;2025</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Caliber Tax Advantaged Opportunity Zone
    Fund II, LP</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">4,043</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">12.00</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">October&nbsp;2024</font></td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt">Total Notes Payable - Related Parties</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">12,055</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">6,973</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;&nbsp;&nbsp;</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: center">&nbsp;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;(1)&nbsp; As of December&nbsp;31, 2023.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">During the years ended December&nbsp;31,
2023 and 2022, the consolidated funds incurred $1.2&nbsp;million and $0.9&nbsp;million, respectively, of interest expense in connection
with the notes payable &ndash; related parties, which is included in consolidated funds &ndash; hospitality expenses and consolidated
funds &ndash; other expenses on the accompanying consolidated statements of operations. As of December&nbsp;31, 2023 and 2022, there
was $0.1&nbsp;million of interest expense payable which is included in due to related parties on the accompanying consolidated balance
sheets. Management expects to extend these notes at maturity.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Other</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In the normal course of
business, the consolidated funds have various amounts due from and/or due to related parties, including affiliate entities and individuals,
for various expenses paid by the funds on their behalf and other charges. These amounts are generally unsecured, interest-free, and due
on demand. As of December&nbsp;31, 2023 and 2022, there were an immaterial amount of other amounts due from related parties. As of December&nbsp;31,
2023 there was an immaterial amount of other amounts due to related parties and as of December&nbsp;31, 2022, there were no other amounts
due to related parties.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>CALIBERCOS INC. AND SUBSIDIARIES</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Note 8 &ndash; Leases</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Lessee - Company</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">As of December&nbsp;31,
2023, the Company is the lessee under one corporate office lease which meets the criteria of an operating lease. The operating lease
has a remaining lease term of 3.8 years and a 9.4% discount rate as of December&nbsp;31, 2023. As the Company&rsquo;s lease does not
specifically state an implicit rate, the Company uses a discount rate indicative of synthetic credit rate based on a market-specific
analysis, and applied based on the lease term as of the lease commencement date or upon a remeasurement event when calculating the present
value of the remaining lease payments. Therefore, the incremental borrowing rate used reflects the cost to borrow on a securitized basis.
The remaining lease term does not reflect all renewal options available to the Company, only those renewal options that the Company has
assessed as reasonably certain of being exercised. The operating lease agreement does not contain any material residual value guarantees
or material restrictive covenants. As of December&nbsp;31, 2023, the Company does not have any material operating or financing leases
with related parties or that have not yet commenced, or any sale-leaseback arrangements. During the year ended December&nbsp;31, 2023,
there was $0.1 million of fixed lease expense and an immaterial amount of variable lease expense, which is included in operating costs
on the accompanying consolidated statements of operations. During the year ended December&nbsp;31, 2022, there was $0.5 million of fixed
lease expense and an immaterial amount of variable lease expense, which is included in operating costs on the accompanying consolidated
statements of operations. Variable lease expense are primarily costs related to common area maintenance. During the years ended December&nbsp;31,
2023 and 2022, there was $0.1&nbsp;million and $0.6&nbsp;million, respectively, of cash paid for amounts included in the measurement
of operating lease liabilities. There were no lease liabilities arising from obtaining right-of-use assets or lease modifications during
the year ended December&nbsp;31, 2023. During the year ended December&nbsp;31, 2022, there was $0.3&nbsp;million of lease liabilities
arising from obtaining right-of-use assets or modifying the lease agreements.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The following represents
maturities of operating lease liabilities as of December&nbsp;31, 2023 (in thousands):</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">Year</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Amount</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 87%; font: 10pt Times New Roman, Times, Serif; text-align: left">2024</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">35</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">2025</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">37</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">2026</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">38</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">2027</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">32</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">2028</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Thereafter</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Total lease payments</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">142</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Less: interest</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(23</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt">Total</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">119</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  </table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>CALIBERCOS INC. AND SUBSIDIARIES</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Lessee - Consolidated Funds</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">As of December&nbsp;31,
2023, the consolidated funds are the lessee under two ground lease arrangements that meet the criteria of an operating lease. The operating
leases have a weighted average remaining lease term of 55.7 years and a 9.6% weighted average discount rate as of December&nbsp;31, 2023.
As the consolidated funds leases do not specifically state an implicit rate, the consolidated funds use discount rates indicative of
synthetic credit rate based on a market-specific analysis, and applied based on the lease term as of the lease commencement date or upon
a remeasurement event when calculating the present value of the remaining lease payments. Therefore, the incremental borrowing rate used
reflects the cost to borrow on a securitized basis. The remaining lease term does not reflect all renewal options available to the consolidated
funds, only those renewal options that the consolidated funds has assessed as reasonably certain of being exercised. The operating lease
agreements do not contain any material residual value guarantees or material restrictive covenants. As of December&nbsp;31, 2023, the
consolidated funds do not have any material operating or financing leases with related parties or that have not yet commenced, or any
sale-leaseback arrangements. During the year ended December&nbsp;31, 2023, there was $1.4&nbsp;million and $0.1&nbsp;million of fixed
and variable lease expense, respectively, which is included in consolidated funds &ndash; hospitality expenses on the accompanying consolidated
statements of operations. During the year ended December&nbsp;31, 2022, the there was $1.1&nbsp;million of fixed lease expense and an
immaterial amount of variable lease expense, which is included in operating costs on the accompanying consolidated statements of operations.
Variable lease expense are primarily costs related to common area maintenance. During the years ended December&nbsp;31, 2023 and 2022,
there was $1.3&nbsp;million and $1.2&nbsp;million, respectively, of cash paid for amounts included in the measurement of operating lease
liabilities. During the year ended December&nbsp;31, 2023 there was $1.5&nbsp;million of lease liabilities arising from lease modifications.
There were no lease liabilities arising from obtaining right-of-use assets or lease modifications during the year ended December&nbsp;31,
2022.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The following represents
maturities of operating lease liabilities as of December&nbsp;31, 2023 (in thousands):</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-align: left; font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">Year</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Amount</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 87%; text-align: left">2024</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">1,336</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">2025</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,336</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">2026</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,336</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">2027</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,336</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">2028</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,336</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">Thereafter</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">68,849</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Total lease payments</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">75,529</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Less: interest</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(61,572</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">Total</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">13,957</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Lessor - Company</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Rental revenue of the Company
includes the revenues generated by the rental operations of one commercial office property, which was acquired in January&nbsp;2023.
As of December&nbsp;31, 2023, the leases have non-cancelable remaining lease terms from 1.2 years to 3.4 years. Certain leases contain
options to extend the term of the lease and impose financial penalties, including paying all future payments required under the remaining
term of the lease, if the tenant terminates the lease. The leases do not contain any lessee purchase options. As of December&nbsp;31,
2023, the Company does not have any material related party leases as a lessor. During the year ended December&nbsp;31, 2023, there was
$1.6&nbsp;million and an immaterial amount of fixed and variable rental revenue, respectively, which is included in other income, net
on the accompanying consolidated statements of operations. The Company had no rental revenue for the year ended December&nbsp;31, 2022.
Variable rental revenue are primarily costs reimbursed related to common area maintenance.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>CALIBERCOS INC. AND SUBSIDIARIES</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Future minimum lease payments
due to the Company under non-cancellable operating leases over the next five years and thereafter as of December&nbsp;31, 2023 are as
follows (in thousands):</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-align: left; font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">Year</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Amount</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 87%; text-align: left">2024</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">1,359</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">2025</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">977</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">2026</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">679</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">2027</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">206</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">2028</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">Thereafter</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">Total</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">3,221</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Lessor - Consolidated Funds</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Rental revenue of the consolidated
funds includes the revenues generated primarily by the rental operations of three multi-family residential properties, including Circle
Lofts which was deconsolidated during the year ended December&nbsp;31, 2023 and GC Square Apartments which was sold in March&nbsp;2022,
and two commercial properties, including Northsight Crossing which was sold in October&nbsp;2023. As of December&nbsp;31, 2023, the leases
have non-cancelable remaining lease terms from 0.1 years to 9.7 years. Certain leases contain options to extend the term of the lease
and impose financial penalties, including paying all future payments required under the remaining term of the lease, if the tenant terminates
the lease. The leases do not contain any lessee purchase options. As of December&nbsp;31, 2023, the consolidated funds do not have any
material related party leases as a lessor. The components of rental revenue for the years ended December&nbsp;31, 2023 and 2022 (in thousands)
are presented in the table below. Variable rental revenue are primarily costs reimbursed related to common area maintenance.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="6" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Years Ended
    December&nbsp;31,</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">2023</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">2022</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 74%; font: 10pt Times New Roman, Times, Serif">Fixed</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">3,520</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">3,066</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">Variable</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">525</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">531</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">Total</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">4,045</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">3,597</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Future minimum lease payments
due to the consolidated funds under non-cancellable operating leases over the next five years and thereafter as of December&nbsp;31,
2023 are as follows (in thousands):</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-align: left; font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">Year</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Amount</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 87%; text-align: left">2024</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">1,025</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">2025</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">679</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">2026</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">690</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">2027</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">569</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">2028</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">584</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">Thereafter</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">2,888</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">Total</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">6,435</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>CALIBERCOS INC. AND SUBSIDIARIES</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Note 9 &ndash; Other Liabilities</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Other Liabilities of the Company</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Other liabilities consisted
of the following as of December&nbsp;31, 2023 and 2022 (in thousands):</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">December&nbsp;31,
    2023</td><td style="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">December&nbsp;31,
    2022</td><td style="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 70%; text-align: left">Below market leases, net</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right">171</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Tenant improvement allowance</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">99</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deposits
    <sup>(1)</sup></font></td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">113</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">23</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif">Other</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">37</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">41</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Total other liabilities</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">420</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">64</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<!-- Field: Rule-Page --><div style="margin-top: 3pt; margin-bottom: 3pt; width: 25%"><div style="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(1)&nbsp; Includes tenant security deposits.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Other Liabilities of the Consolidated Funds</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Other liabilities of the
consolidated funds consisted of the following as of December&nbsp;31, 2023 and 2022 (in thousands):</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">December&nbsp;31,
    2023</td><td style="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">December&nbsp;31,
    2022</td><td style="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 70%; text-align: left">Advance key money, net</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right">825</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right">900</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deposits
    <sup>(1)</sup></font></td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">531</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">710</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Sales tax payable</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">674</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">566</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Below market leases, net</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">461</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif">Other</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">370</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">393</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Total other liabilities</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">2,400</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">3,030</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<!-- Field: Rule-Page --><div style="margin-top: 3pt; margin-bottom: 3pt; width: 25%"><div style="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">(1)&nbsp; Includes
hotel advance deposits and tenant security and pet deposits.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Note 10 &ndash; Income Taxes</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The following table shows
the components of the income tax provision (benefit) from total operations for the years ended December&nbsp;31, 2023 and 2022 (in thousands):</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td colspan="6" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Years Ended
    December&nbsp;31,</td><td style="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2023</td><td style="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2022</td><td style="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Current income tax provision (benefit)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif">Federal</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif">State</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in">Total</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Deferred income tax provision (benefit)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; width: 70%">Federal</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right">(2,887</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right">159</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif">State</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(451</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(25</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in">Total</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(3,338</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">134</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Adjustment to valuation allowance</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">3,338</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(134</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.375in; text-align: left">Total income tax provision (benefit)</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>CALIBERCOS INC. AND SUBSIDIARIES</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The following table reconciles
the U.S. federal statutory tax rate to the effective income tax rate for the years ended December&nbsp;31, 2023 and 2022:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td colspan="6" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Years Ended
    December&nbsp;31,</td><td style="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2023</td><td style="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2022</td><td style="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 70%; text-align: left">U.S. federal statutory tax rate</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right">21.0</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right">21.0</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">State taxes, net of federal benefit</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">3.6</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1.6</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Income passed through to noncontrolling interest, federal
    tax</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(11.3</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)%</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(18.0</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Income passed through to noncontrolling interest, state tax</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(2.0</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)%</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(1.4</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Permanent differences, VIEs</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(0.8</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)%</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">0.5</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Prior period return-to-provision adjustments</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1.9</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(0.8</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Nondeductible expenses</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(0.3</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)%</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(2.0</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Change in valuation allowance</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(12.1</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)%</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(0.9</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Effective income tax rate</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">0.0</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">0.0</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The following table summarizes
the components of the Company&rsquo;s deferred tax assets and liabilities as of December&nbsp;31, 2023 and 2022 (in thousands):</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">December&nbsp;31,
    2023</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">December&nbsp;31,
    2022</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Deferred tax assets:</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="width: 70%; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.125in">Net operating loss carryforwards</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 12%; font: 10pt Times New Roman, Times, Serif; text-align: right">13,632</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 12%; font: 10pt Times New Roman, Times, Serif; text-align: right">13,638</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.125in">Sec 362 basis Step-up</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">439</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">438</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.125in">Deferred compensation</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,780</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,490</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.125in">Fixed assets</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">121</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.125in">Employee stock based compensation</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">820</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.125in">Allowance for doubtful accounts</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; padding-left: 0.125in">Other</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">1,769</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">673</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; padding-left: 0.25in">Total deferred
    tax assets</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">18,440</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">16,360</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Deferred tax liabilities:</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.125in">Passthrough income/loss from partnerships</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(9,399</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(11,103</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.125in">Fixed assets</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(447</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; padding-left: 0.125in">Other</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(1,622</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(1,623</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.25in">Total deferred tax liabilities</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(11,468</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(12,726</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; padding-left: 0.25in">Valuation allowance</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(6,972</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(3,634</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt; padding-left: 0.375in">Net deferred
    tax assets</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">As of December&nbsp;31,
2023, the Company had approximately $55.4 million and $53.5 million of federal and state net operating losses (&ldquo;NOL&rdquo;), respectively,
available to offset future taxable income. As of December&nbsp;31, 2022, the Company had approximately $55.1 million each of federal
and state NOL available to offset future taxable income. The federal NOLs arising in 2017 and prior, if not utilized, begin expiring
in the year 2035. Federal NOLs arising in tax years ending after December&nbsp;31, 2017 can be carried forward indefinitely but are subject
to an 80% of taxable income limitation. The Arizona state NOLs arising in 2015, if not utilized, begin expiring in the year 2035. In
accordance with Section&nbsp;382 of the Internal Revenue Code, deductibility of the Company&rsquo;s federal NOL carryovers may be limited
in the event of a change in control of ownership.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In assessing the need for
a valuation allowance against its net deferred tax assets, the Company considers both positive and negative evidence related to the likelihood
of realization of the deferred tax assets to determine, based on the weight of available evidence, whether it is more-likely-than-not
that some or all of the deferred tax assets will not be realized. In evaluating the need for a valuation allowance, the Company considered
cumulative tax losses as a significant piece of negative evidence and established a full valuation allowance of $7.0 million and $3.6
million against the Company&rsquo;s net deferred tax assets as of December&nbsp;31, 2023 and 2022, respectively.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>CALIBERCOS INC. AND SUBSIDIARIES</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The changes to the Company&rsquo;s
valuation allowance during the years ended December&nbsp;31, 2023 and 2022 were as follows (in thousands):</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="6" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Years Ended
    December&nbsp;31,</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">2023</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">2022</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 70%; font: 10pt Times New Roman, Times, Serif; text-align: left">Valuation allowance at the beginning of the year</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 12%; font: 10pt Times New Roman, Times, Serif; text-align: right">3,634</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 12%; font: 10pt Times New Roman, Times, Serif; text-align: right">3,768</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Changes in valuation allowance recorded
    during the year</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">3,338</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(134</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt">Valuation allowance at the end of the
    year</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">6,972</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">3,634</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company and its subsidiaries
are subject to the following significant taxing jurisdictions: U.S., Alaska, Arizona, California, Colorado,&nbsp;Florida,&nbsp;Illinois,
Minnesota, Missouri, New York, Oregon, South Carolina, Texas, and Utah. The Company is currently not under income tax examination in
any tax jurisdiction.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Although we believe our
tax returns are correct, the final determination of tax examinations and any related litigation could be different from what was reported
on the tax returns. We are currently open to audit under the statute of limitations by the United States Internal Revenue Service as
well as state taxing authorities for the past four years (three years in some states). However, due to NOL carryforwards not being utilized,
all periods are open to potential examinations. Any penalties and interest related to unrecognized tax benefits would be classified as
income tax expense in the accompanying consolidated statements of operations.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We apply U.S. GAAP related
to accounting for uncertainty in income taxes, which prescribes a recognition threshold that a tax position is required to meet before
recognition in the financial statements and provides guidance on derecognition, measurement, classification, interest and penalties,
accounting in interim periods, disclosure and transition issues. We do not believe that there are any positions taken by the Company
which would require recognition or disclosure in these financial statements for the years ended December&nbsp;31, 2023 and 2022.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>CALIBERCOS INC. AND SUBSIDIARIES</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Note 11 &ndash; Supplemental Cash Flow Disclosures</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Supplemental cash flow information
consisted of the following for the years ended December&nbsp;31, 2023 and 2022 (in thousands):</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="6" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Years Ended
    December&nbsp;31,</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">2023</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">2022</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left">Supplemental Disclosure of Cash Flow Information</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="width: 74%; font: 10pt Times New Roman, Times, Serif; text-align: left">Cash paid for interest, none of which was capitalized
    for the years ended December&nbsp;31, 2023 and 2022, respectively</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">4,875</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">1,444</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left">Supplemental Disclosure of Cash Flow Information of Consolidated
    Funds</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Cash paid for interest, net of capitalized interest of $33
    and $18 for the years ended December&nbsp;31, 2023 and 2022, respectively</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">14,731</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">9,582</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left">Supplemental Disclosures of Non-Cash Investing and Financing
    Activities</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Real estate investments moved from
    held for sale</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,703</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Accounts receivable - related party
    eliminated in consolidation of VIEs</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,853</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Assumption of note payable</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">16,457</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Extinguishment of operating lease right-of-use
    assets</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,059</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Extinguishment of operating lease liabilities</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,340</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Cost of real estate investments included
    in accounts payable</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">242</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Investments in unconsolidated entities
    included in accrued expenses</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,339</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-align: left">Issuance of common stock in connection
    with legal settlement</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">3,200</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Issuance of common stock in lieu of
    cash payment for accounts payable</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">100</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-align: left">Establishment of operating right-of-use
    assets</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,765</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Establishment of finance right-of-use
    assets</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">55</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Establishment of operating lease liabilities</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">2,067</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Establishment of finance lease liabilities</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">55</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: bold 10pt Times New Roman, Times, Serif; padding-left: 0in; text-align: left">Supplemental Disclosures of Non-Cash
    Investing and Financing Activities of Consolidated Funds</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Real estate investments moved to held
    for sale</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">21,282</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Real estate investments moved from
    held for sale</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">21,761</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Note receivable eliminated in consolidation</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">2,946</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Cost of real estate investments included
    in accounts payable</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">382</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">268</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Cost of real estate investments included
    in due to related parties</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">10</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">299</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Contributions from noncontrolling interests
    in connection with settlement of notes payable - related party</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,831</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Establishment of operating right-of-use
    assets or increase from lease modifications</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,516</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">8,742</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-align: left">Establishment of operating lease liabilities
    or increase from lease modifications</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,516</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">12,540</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif">Consolidation of VIEs</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left">Real estate investments, net</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">86,402</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left">Accounts receivable, net</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">4,348</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left">Due from related parties</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">2</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left">Operating lease - right of use assets</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">8,775</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left">Prepaid and other assets</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">2,042</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">568</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left">Notes payable, net</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">80,449</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left">Notes payable - related parties</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">6,589</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left">Accounts payable and accrued expenses</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">8,148</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">130</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left">Due to related parties</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">28</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left">Operating lease liabilities</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">12,441</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left">Other liabilities</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">2,158</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">688</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left">Noncontrolling interests</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">33,732</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,972</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif">Deconsolidation of VIEs</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left">Real estate investments, net</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">85,239</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">15,905</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left">Accounts receivable, net</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">4,973</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">2</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left">Operating lease - right of use assets</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">8,775</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left">Prepaid and other assets</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,658</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">53</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left">Due from related parties</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">2</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left">Due to related parties</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,218</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">791</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left">Notes payable, net</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">74,643</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">16,953</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left">Notes payable - related parties</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">6,882</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,615</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left">Accounts payable and accrued expenses</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">7,139</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">298</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left">Operating lease liabilities</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">12,441</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left">Other liabilities</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,980</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">4</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left">Noncontrolling interests</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">23,777</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">2,882</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  </table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>CALIBERCOS INC. AND SUBSIDIARIES</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Note 12 &ndash; Commitments and Contingencies</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Commitments and Contingencies of the Company</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Environmental Matters</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In connection with the ownership
and operation of real estate assets, the Company may potentially be liable for costs and damages related to environmental matters. The
Company believes it is in material compliance with current laws and regulations and do not know of any existing environmental condition
and has not been notified by any governmental authority of any non-compliance, liability or other claim, in each case, that could result
in a material effect on our financial condition or results of operations.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><b><i>Caliber Tax Advantaged Opportunity Fund
LP</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Caliber O-Zone Fund Manager,
LLC (the &ldquo;CTAF Fund Manager&rdquo;) is a wholly-owned subsidiary of the Company and general partner and manager of Caliber Tax
Advantaged Opportunity Fund LP (&ldquo;CTAF&rdquo;). In the event of a dissolution, winding-up, or termination, if the aggregate amount
received by the CTAF limited partners does not equal or exceed an amount equal to a 6% IRR for the limited partners, the CTAF Fund Manager
shall immediately contribute to CTAF funds in order to meet this minimum requirement for payment to the CTAF limited partners. As of
December&nbsp;31, 2023 and 2022, the Company estimated the fair value of CTAF was less than the 6% IRR for the limited partners.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Caliber Tax Advantaged
Opportunity Fund II LLC</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Caliber O-Zone Fund II Manager,
LLC (the &ldquo;CTAF II Fund Manager&rdquo;) is a wholly-owned subsidiary of the Company and general partner and manager of Caliber Tax
Advantaged Opportunity Zone Fund II LLC (&ldquo;CTAF II&rdquo;). In the event of a dissolution, winding-up, or termination, if the aggregate
amount received by the CTAF II investor members does not equal or exceed an amount equal to a 6% IRR for the investor members, the CTAF
II Fund Manager shall immediately contribute to CTAF II funds in order to meet this minimum requirement for payment to the CTAF II investor
members. As of December&nbsp;31, 2023 and 2022, the Company estimated the fair value of CTAF II was less than the 6% IRR for the investor
members.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Buyback Program</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In September&nbsp;2018,
the Company agreed to repurchase 3,709,693 shares (&ldquo;Buyback Program&rdquo;) owned by one of its non-participating founders for
$4.54 per share of common stock in exchange for an amendment to such non-participating founder&rsquo;s shareholder voting rights and
other Company protections. Due to the length of time of the liability, the Company recorded a liability of $13.6&nbsp;million and a corresponding
reduction to equity in treasury stock at the inception of the Buyback Program using a present value discount rate of 10.00%. As of December&nbsp;31,
2022, remaining number of shares to be repurchased was 3,432,351 and the balance of the liability was $12.4&nbsp;million, which is included
in buyback obligation on the accompanying consolidated balance sheets. During the year ended December&nbsp;31, 2023, the Company repurchased
41,615 shares of Class&nbsp;A common stock pursuant to the Buyback Program and on May&nbsp;19, 2023, the Company&rsquo;s Class&nbsp;A
common stock began trading on the NASDAQ Capital Market, at which point the buyback obligation was relieved and no further amounts were
due under the Buyback Program.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Commitments and Contingencies of the Consolidated
Funds</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Franchise Agreements
and Advance Key Money</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The consolidated hospitality
funds are parties to various franchise agreements where, pursuant to the respective agreements, the respective fund is required to pay
monthly fees, generally consisting of royalty, service contribution, technology, program and/or marketing fees. The franchise agreements
expire on various dates from June&nbsp;2025 through August&nbsp;2033. The consolidated funds recognized total franchise fees of $5.0&nbsp;million
and $3.8&nbsp;million for the years ended December&nbsp;31, 2023 and 2022, respectively.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>CALIBERCOS INC. AND SUBSIDIARIES</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">As a part of one franchise
agreement, the consolidated funds received an advance of $1.5&nbsp;million (&ldquo;Advance Key Money&rdquo;) for the consolidated funds
to retain the franchisor on the hotel property for 20 years. The consolidated funds are not required to repay any part of the Advance
Key Money unless the franchise agreement is cancelled before the termination date of August&nbsp;2033.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Note 13 &ndash; Net Income (Loss) Per Share</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Basic earnings per common
share is calculated by dividing net income (loss) attributable to common shareholders by the weighted average common shares outstanding
during the period. Diluted earnings per share is calculated by dividing net income attributable to common shareholders by the weighted-average
number of shares outstanding plus the dilutive impact of all potential dilutive common shares, consisting of stock options and warrants
using the treasury stock method, and convertible debt and preferred stock using the if-converted method.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company considered the
two-class method in calculating the basic and diluted earnings per share, however, it was determined that there was no impact to the
calculation of basic and diluted net income (loss) per share attributable to common stockholders as Class&nbsp;A and Class&nbsp;B common
stock share in the same earnings and profits, thus, having no impact on the calculation.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company has calculated
the basic and diluted earnings per share during the years ended December&nbsp;31, 2023 and 2022 as follows (in thousands, except per
share data):</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="6" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Years Ended
    December&nbsp;31,</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">2023</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">2022</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif">Numerator:</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 74%; text-align: left; padding-left: 0.125in">Net (loss) income attributable
    to CaliberCos Inc.</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">(12,703</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">2,020</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; padding-left: 0.125in">Convertible debt
    interest</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">88</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">90</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt; padding-left: 0.125in">Net (loss) income
    attributable to common shareholders of CaliberCos Inc.</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(12,615</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">2,110</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; padding-left: 0in">Denominator:</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in">Weighted average shares outstanding - basic</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">20,087</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">18,003</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.125in">Dilutive shares - options, net</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,637</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; padding-left: 0.125in">Dilutive shares
    - convertible debt, net</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">182</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; padding-left: 0.125in">Weighted average shares outstanding
    - diluted</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">20,087</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">19,822</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt; padding-left: 0in">Basic net (loss)
    income per share attributable to common shareholders</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(0.63</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">0.11</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt; padding-left: 0in">Diluted net (loss)
    income per share attributable to common shareholders</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(0.63</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">0.11</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  </table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The number of antidilutive
shares consisted of the potential exercise of stock options and potential conversion of convertible debt. The following table summarizes
these potential exercises and conversions during the years ended December&nbsp;31, 2023 and 2022, which have been excluded from the computation
of diluted earnings per share attributable to common shareholders (in thousands):</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="6" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Years Ended
    December&nbsp;31,</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">2023</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">2022</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 74%; font: 10pt Times New Roman, Times, Serif; text-align: left">Additional common shares, if stock options were
    exercised</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">2,267</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Additional common shares, if convertible
    debt were converted</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">175</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">2,442</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><sup>(1)</sup></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>CALIBERCOS INC. AND SUBSIDIARIES</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<!-- Field: Rule-Page --><div style="margin-top: 3pt; margin-bottom: 3pt; width: 25%"><div style="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(1)&nbsp;There were no antidilutive shares for the year ended December&nbsp;31,
2022.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Note 14 &ndash; Fair Value of Financial Instruments</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Fair Value of Financial Instruments of the
Company</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Fair values of financial
instruments held by the Company are estimated using available market information and established valuation methodologies. Accordingly,
the estimates presented are not necessarily indicative of the amounts the Company could realize on disposition of the financial instruments.
The use of different market assumptions and/or valuation methodologies may have a material effect on the estimated fair value amounts.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Financial instruments that
approximate fair value due to the short-term nature of the instruments consist of cash, restricted cash, accounts receivable, and accounts
payable. The fair values of debt have been estimated based on current rates available for similar instruments with similar terms, maturities,
and collateral. The fair value of the Company&rsquo;s fixed rate debt were measured with Level 2 inputs. The estimated fair value of
the Company&rsquo;s real estate loan was determined by management based on a discounted future cash-flow model. As of December&nbsp;31,
2023 the Company&rsquo;s real estate loan had a carrying value of $16.2&nbsp;million and a fair value of $9.5&nbsp;million.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Fair Value of Financial Instruments of the
Consolidated Funds</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Fair values of financial
instruments held by consolidated funds are estimated using available market information and established valuation methodologies. Accordingly,
the estimates presented are not necessarily indicative of the amounts the consolidated funds could realize on disposition of the financial
instruments. The use of different market assumptions and/or valuation methodologies may have a material effect on the estimated fair
value amounts.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Financial instruments that
approximate fair value due to the short-term nature of the instruments consist of cash, restricted cash, accounts receivable, and accounts
payable. The fair values of debt, advance key money, and interest rate caps have been estimated based on current rates available for
similar instruments with similar terms, maturities, and collateral. The carrying values of the consolidated funds&rsquo; variable rate
debt and advance key money as of December&nbsp;31, 2023 and December&nbsp;31, 2022 approximated fair value. The fair value of the consolidated
funds&rsquo; fixed rate debt were measured with Level 2 inputs. The estimated fair values for the instruments below were determined by
management based on a discounted future cash-flow model (in thousands).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="6" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">December&nbsp;31,
    2023</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="6" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">December&nbsp;31,
    2022</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">Note Payable</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Carrying</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Value</b></p></td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Fair Value</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Carrying</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Value</b></p></td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Fair Value</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 48%; font: 10pt Times New Roman, Times, Serif; text-align: left">Hampton Inn&nbsp;&amp; Suites Hotel</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">5,939</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">4,762</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">6,136</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">4,594</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Northsight
    Crossing AZ, LLC <sup>(1)</sup></font></td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">14,319</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">9,302</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Southpointe Fundco, LLC</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,050</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,050</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,050</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,004</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Circle
    Lofts, LLC <sup>(2)</sup></font></td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">4,889</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,915</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Tucson East, LLC</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">11,901</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">11,067</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">West Frontier, LLC</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">4,636</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">3,795</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(1)&nbsp;In October&nbsp;2023, Northsight Crossings
AZ, LLC sold its investment in the commercial property and paid its existing property loan in full. As a result, the Company determined
it was no longer the primary beneficiary of the fund and therefore the fund was deconsolidated.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(2)&nbsp;During the year ended December&nbsp;31,
2023, the Company deconsolidated Circle Lofts, LLC, as the Company was no longer determined to be the primary beneficiary of the fund
upon refinancing the loan agreement.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>CALIBERCOS INC. AND SUBSIDIARIES</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Note 15 &ndash; Derivative Instruments</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Risk Management Objective of Using Derivatives</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The consolidated funds utilize
derivative instruments, including interest rate caps and swaps, to reduce interest rate risk associated with its borrowings. Our consolidated
funds do not intend to utilize derivatives for purposes other than interest rate risk management.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Derivatives Designated as Hedging Instruments</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As of December&nbsp;31, 2023 and 2022, the Company
did not have any derivatives designated as hedging instruments.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Derivatives Not Designated as Hedging Instruments</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The consolidated funds have
entered into interest rate caps and swaps. The following table summarizes the consolidated funds non-designated derivatives as of December&nbsp;31,
2023 and 2022 (dollar amounts in thousands):</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="6" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">December&nbsp;31,
    2023</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="6" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">December&nbsp;31,
    2022</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Type of Derivative</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Number
    of Instruments</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Notional
    <br>
    Amount</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Number
    of Instruments</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Notional
    <br>
    Amount</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 48%; font: 10pt Times New Roman, Times, Serif; text-align: left">Interest rate swap</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">1</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">18,418</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">1</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">18,856</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Interest rate cap</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">55,000</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">Total</td><td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">73,418</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">18,856</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The following table presents
the fair value of the consolidated funds&rsquo; non-designated derivatives, as well as their classification in the consolidated balance
sheets, as of December&nbsp;31, 2023 and 2022 (in thousands):</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Type of Derivative</td><td style="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Balance Sheet Location</td><td style="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">December&nbsp;31,
    2023</td><td style="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">December&nbsp;31,
    2022</td><td style="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 30%; text-align: left">Interest rate swap</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 33%; text-align: left">Consolidated funds - Prepaid and other assets</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: right">1,206</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: right">1,646</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Interest rate cap</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Consolidated funds - Prepaid and other assets</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">10</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif">Total</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">1,216</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">1,646</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The following table presents
the gain or loss recognized in consolidated funds <b>&ndash;</b> hospitality expenses in the consolidated statements of operations for
years ended December&nbsp;31, 2023 and 2022 (in thousands):</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1pt; font-size: 10pt">&nbsp;</td><td style="padding-bottom: 1pt; font-size: 10pt">&nbsp;</td>
    <td style="padding-bottom: 1pt; font-size: 10pt">&nbsp;</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td colspan="7" style="border-bottom: Black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold">Years Ended December
    31,</td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">Type of Derivative</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">Statement of Operations Location</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 30%; font-size: 10pt; text-align: left">Interest rate swap</td><td style="width: 1%; font-size: 10pt">&nbsp;</td>
    <td style="width: 33%; font-size: 10pt; text-align: left">Consolidated funds - hospitality expenses</td><td style="width: 1%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 15%; font-size: 10pt; text-align: right">(440</td><td style="width: 1%; font-size: 10pt; text-align: left">)</td><td style="width: 1%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 15%; font-size: 10pt; text-align: right">&mdash;</td><td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left">Interest rate cap</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">Consolidated funds - hospitality expenses</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(75</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&mdash;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 2.5pt; font-size: 10pt">Total</td><td style="padding-bottom: 2.5pt; font-size: 10pt">&nbsp;</td>
    <td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: right">&nbsp;</td><td style="padding-bottom: 2.5pt; font-size: 10pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">(515</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">)</td><td style="padding-bottom: 2.5pt; font-size: 10pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; padding-bottom: 2.5pt; font-size: 10pt; text-align: right">&mdash;</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</td></tr>
  </table>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Note 16 &ndash; Stockholders&rsquo; Equity
and Share-Based Payments</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In May&nbsp;2023, the Company
filed a third amended and restated certificate of incorporation. The Company is authorized to issue 137,500,000 shares consisting of:
(a)&nbsp;115,000,000 shares of common stock consisting of (i)&nbsp;100,000,000 shares of Class&nbsp;A common stock with a par value of
$0.001 per share, (ii)&nbsp;15,000,000 shares of Class&nbsp;B common stock with a par value of $0.001 per share; and (b)&nbsp;22,500,000
shares of preferred stock with a par value of $0.001 per share.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>CALIBERCOS INC. AND SUBSIDIARIES</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Class&nbsp;B common
stock is identical in all respects to Class&nbsp;A common stock, except it is entitled to 10 votes per share and is convertible at any
time on a one-for-one basis into shares of Class&nbsp;A common stock. All other rights, privileges, and rank will be shared equally and
be identical in all respects as to all matters.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Common Stock</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The holders of common stock
shall be entitled to receive dividends when, as, and if declared by the board of directors. The holders of common stock shall at all
times vote together as one class on all matters. Class&nbsp;A common stock shall be entitled to one vote for each share of common stock
and Class&nbsp;B common stock shall be entitled to 10 votes for each share of common stock. No holder of shares of common stock shall
have the right to cumulate votes. In the event of liquidation, subject to the prior rights of holders of preferred stock to share ratably
in the Company&rsquo;s assets, the holders of common stock and holders of any shares of preferred stock which are not entitled to any
preference in liquidation shall share equally and ratably in the Company&rsquo;s assets available for distribution after giving effect
to any liquidation preference of shares of preferred stock. The holders of Class&nbsp;A common stock shall not have any conversion, redemption,
or other preemptive rights. The holders of Class&nbsp;B common stock are entitled to a conversion upon notice or an automatic conversion
upon transfer at which time the Class&nbsp;B Common stockholder will be entitled to one fully paid and nonassessable share of Class&nbsp;A
common stock. In addition, Class&nbsp;B common stock shall not have any redemption or other preemptive rights.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>2017 Incentive Stock Plan</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company may award stock
options to employees under the Amended and Restated 2017 Incentive Stock Plan (&ldquo;2017 Plan&rdquo;). The 2017 Plan allows the Company
to: (i)&nbsp;grant stock awards, (ii)&nbsp;grant stock options, and (iii)&nbsp;offer restricted stock purchases to directors, executives
and selected employees, consultants, and advisors. Options will vest if the recipient maintains constant employment through the end of
the requisite service period. The following inputs and assumptions were used to calculate the weighted average fair values of the options
granted for the years ended December&nbsp;31, 2023 and 2022:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td colspan="6" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">December&nbsp;31,</td><td style="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2023</td><td style="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2022</td><td style="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 74%; text-align: left">Expected term (in years)</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">6.13</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">6.13</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif">Volatility</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">36%
                                            - 40%</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">30%
                                            - 40%</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Dividend Yield</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">0.00%</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">0.00%</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Risk-free rate</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.42%
                                            - 4.61%</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.97%
                                            - 4.10%</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Grant date fair value</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">0.38</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">2.79</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Compensation expense is
recognized on a straight-line basis over the service period. During the years ended December&nbsp;31, 2023 and 2022, the Company recognized
$3.7 million and $0.5 million, respectively, in compensation expense, related to the 2017 Plan. As of December&nbsp;31, 2023 and 2022,
there was $0.6 million and $1.0 million, respectively, of unrecognized compensation expense related to the 2017 Plan stock options.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>CALIBERCOS INC. AND SUBSIDIARIES</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The following tables detail
the activity of the 2017 Plan during the year ended December&nbsp;31, 2023 and 2022:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b><i>Stock Options</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Stock Options</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Weighted
                                            Average</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Exercise
                                            Price</b></p></td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Weighted
                                            Average</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Remaining</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Contractual
                                            Term</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>(in
                                            Years)</b></p></td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Aggregate
                                            Intrinsic</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Value</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>(in
                                            thousands)</b></p></td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 40%; padding-left: 0in">Outstanding December&nbsp;31, 2021</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="width: 12%; font: 10pt Times New Roman, Times, Serif; text-align: right">2,053,931</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 12%; font: 10pt Times New Roman, Times, Serif; text-align: right">4.51</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="width: 12%; font: 10pt Times New Roman, Times, Serif; text-align: right">3.43</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 12%; font: 10pt Times New Roman, Times, Serif; text-align: right">3,166</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.125in">Granted - Employee</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">126,631</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">7.56</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.125in">Granted - Nonemployee</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">14,863</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">9.25</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in">Exercised</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(1,784</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">6.73</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in">Forfeited</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(153,105</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">6.73</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; padding-left: 0.125in">Expired</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(37,448</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">6.71</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0in">Outstanding December&nbsp;31, 2022</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">2,003,088</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">4.58</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">5.15</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">2,098</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.125in">Granted - Employee</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">330,967</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">2.47</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in">Forfeited</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(25,046</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">6.40</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; padding-left: 0.125in">Expired</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(23,408</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">6.47</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0in">Outstanding December&nbsp;31, 2023</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">2,285,601</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">4.23</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">4.89</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">535</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b><i>Restricted Stock Units</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Restricted</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Stock
                                            Units</b></p></td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Weighted
                                            Average</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Fair
                                            Value</b></p></td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 70%; font: 10pt Times New Roman, Times, Serif; text-align: left">Unvested restricted stock units at December&nbsp;31,
    2021</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="width: 12%; font: 10pt Times New Roman, Times, Serif; text-align: right">286,971</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 12%; font: 10pt Times New Roman, Times, Serif; text-align: right">6.73</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; padding-left: 0.125in">Granted - Employee</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">109,984</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">6.73</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Unvested restricted stock units at December&nbsp;31, 2022</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">396,955</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">6.73</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.125in">Granted - Employee</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">2,282,086</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1.36</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in">Vested</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(272,197</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">6.57</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; padding-left: 0.125in">Forfeited</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(20,058</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">1.49</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Unvested restricted stock units at December&nbsp;31, 2023</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">2,386,786</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1.66</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The restricted stock units
are subject to forfeiture if the participant does not meet certain conditions such as continued employment and/or the attainment of the
specified performance target over the specified service period. The performance target related to the outstanding restricted stock units
is the completion of an initial public offering or exchange listing. As of December&nbsp;31, 2023,&nbsp;there was $3.4 million of unrecognized
compensation expense related to the restricted stock units. The restricted stock units have a remaining term of 3.0 years as of December&nbsp;31,
2023.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Note 17 &ndash; Preferred Stock</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company is authorized
to issue up to 22,500,000 shares of preferred stock pursuant to its third amended and restated certificate of incorporation. As of December&nbsp;31,
2023, no shares of preferred stock were issued and outstanding.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Note 18 &ndash; Subsequent Events</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Management has evaluated
events and transactions that occurred after December&nbsp;31, 2023 through April&nbsp;15, 2024, the date these consolidated financial
statement were available to be issued. In addition to those matters discussed in Note 6 &ndash; Notes Payable, the following is a summary
of the significant events and transactions that took place during this period:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">&middot;</font></td><td style="text-align: justify">On
                                            March&nbsp;7, 2024, a subsidiary of Caliber Hospitality Trust closed on the first of nine
                                            hotels as part of the contribution agreement with L.T.D. Hospitality Group LLC (&ldquo;L.T.D&rdquo;)
                                            for $28.6&nbsp;million and entered into a $14.1&nbsp;million loan securing the property.
                                            As part of the settlement, Caliber Hospitality, LP issued $9.6&nbsp;million of Caliber Hospitality,
                                            LP operating partnership units to LTD.</td></tr>
<tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">&middot;</font></td><td>The Company&rsquo;s
                                            board of directors approved the issuance of $25.0&nbsp;million to $35.0&nbsp;million of corporate
                                            notes to pay off maturing notes.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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